There are better checks and balances in place for listed entities. Listed entities since traded on exchanges and regulated by Sebi has lot of data available for price discovery and cant be at whims and fancies of small ecosystem outside of their purview.
To your point on Reverse Book Building
“The Reverse Book Building is basically a process used for efficient price discovery. It is a mechanism where, during the period for which the Reverse Book Building is open, offers are collected from the share holders at various prices, which are above or equal to the floor price. The buy back price is determined after the offer closing date”. SRC NSE
So while floor price can be determined on basis of some formula by listed entities(again should be based on average closing price of a duration on exchanges, not completely arbitrarily), no one is forced to sell at that price. Remember Vedanta delisting failed.
Disc: no interest in any unlisted universe
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