Shares of BF Investment locked in a 10% low of Rs 413.65 on the BSE on Thursday as the company’s board delayed the promoter’s delisting proposal.

About 12,000 shares changed hands as of 10:29 am, with nearly 1.9 lakh sell orders pending on the NSE and BSE. The S&P BSE Sensex fell 0.03% to 60,641.

The stock has surged 58% in the past four days from a level of Rs 291.75 to a multi-year high of Rs 462.10 on Wednesday. The company had said on December 30 that its board would meet on January 4, 2023, to consider the delisting proposal.

DGM Realties Private Limited, together with Ajinkya Investment and Trading Company and Sundaram Trading and Investment Private Limited, who are the promoters of BF Investment and members of the group of promoters, has issued a preliminary announcement to initiate the process and express its intention to the promoters to acquire public shareholders individually or collectively All shares held. Accordingly, voluntary delisting from the stock exchange.

The company’s shares are currently listed on BSE Limited and the National Stock Exchange of India (NSE).

However, BF Investment stated on Wednesday that according to the second paragraph of Regulation 4(2) of the “Delisting Regulations”, the acquirer (including the sponsor and the members of the sponsor group) did not sell the company’s equity held during the listing period. Within six months before the date of the first announcement, a proposal for delisting the company’s stock may be put forward.

Before the original announcement, the company’s beneficiary position data (BENPOS) reflected the sale of 400 shares in the company on June 29, 2022, by one promoter and a group of promoters.

“Given the above, the Board has not approved the proposed delisting for reasons of prudence and good governance to ensure compliance with Regulation 4(2) of the Delisting Regulations,” BF Investment said.