Haryana Financial Corporation delisting at ₹9.55 in 2026

What HFC has announced

Haryana Financial Corporation (HFC) has moved ahead with a voluntary delisting of its equity shares from BSE Limited after its board approved the proposal. The company also approved a valuation report that cited a value of ₹9.55 per share. The delisting is not automatic and remains subject to shareholder approval. HFC said the approval will be sought through a special resolution conducted via postal ballot. The corporation fixed August 21, 2026 as the cut-off date for determining which shareholders are eligible to vote in the postal ballot process. The development is part of a broader state-led process that also includes steps linked to winding up and liquidation.

Board approvals and key dates

HFC disclosed that the board meeting approving the voluntary delisting and the valuation report was held on August 19, 2026. The decision came after an initial public announcement (IPA) issued on August 7, 2026. The IPA was issued by VC Corporate Advisors Private Limited on behalf of the State Government of Haryana. Separately, HFC also reported that its board approved unaudited financial results for the quarter ended June 30, 2026 and cleared the IPA for voluntary delisting on August 12, 2026. The company had earlier informed the exchange that a board meeting was scheduled on August 12, 2026 to consider the quarter’s results and a delisting proposal. That communication was made under Regulation 29(1)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

How the delisting is structured

The disclosed route for shareholder approval is a special resolution via postal ballot. HFC set August 21, 2026 as the cut-off date to identify shareholders eligible to vote. The company has also pointed to SEBI-linked conditions for delisting, including floor-price rules and escrow-related requirements. HFC said the exit price will be determined in consultation with the Manager to the Delisting Offer. The company also stated that the exit price must meet the floor price requirements under Regulation 19A of the SEBI (Delisting of Equity Shares) Regulations, 2021. As disclosed, the process includes a post-delisting exit window. Remaining public shareholders, if any, will have a two-year window after delisting to tender their shares at the same exit price.

Shareholding: State Government at 99.36%

HFC disclosed that the State Government holds 99.36% of the equity, while public shareholders own 0.64%. The delisting offer is for up to 13,19,900 equity shares held by public shareholders, representing 0.64% of the company. Promoters hold the remaining 99.36% stake. The company indicated that the delisting process is being implemented with the State Government of Haryana acting through Haryana State Industrial & Infrastructure Development Corporation Limited (HSIIDC). According to the filing referenced in the provided text, HSIIDC is acquiring the remaining 0.64% public shareholding to facilitate eventual liquidation under Section 45 of the State Financial Corporations Act, 1951.

Participants and due diligence roles

HFC disclosed that VC Corporate Advisors Private Limited is the Manager to the Delisting Offer. The initial public announcement dated August 7, 2026 was issued by VC Corporate Advisors Private Limited on behalf of the State Government of Haryana. The corporation also stated that CS Alok Purohit was appointed as the Peer Reviewed Company Secretary to conduct due diligence in line with Regulation 10 of the SEBI (Delisting of Equity Shares) Regulations, 2021. In additional disclosures referenced in the text, it was stated that an exemption application with SEBI was filed under Regulation 42 of the Delisting Regulations, 2021, seeking delisting-related exemptions. The provided text also notes that SEBI granted relaxations from applicability of certain provisions of the delisting framework.

Financial snapshot: Q1FY27 results

Alongside the corporate actions, HFC reported another quarterly loss. For the quarter ended June 30, 2026 (Q1FY27), the company disclosed a net loss of ₹0.40 crore. For the same quarter, operating revenue was reported at ₹0.00 crore. The company also disclosed its total paid-up equity capital as ₹207.66 crore. These figures were referenced in the broader set of disclosures connected to the winding-up process and the delisting plan.

Winding-up track under the SFCs Act, 1951

The delisting is occurring in parallel with a state-led winding-up process. As per the provided text, winding up under Section 45 of the State Financial Corporations Act, 1951 was recommended to the State Government. The corporation’s disclosures describe the delisting as part of steps tied to eventual liquidation. The state’s acquisition of the residual public shareholding is described as facilitating that outcome. The process update table in the provided material described delisting from BSE as “underway.” It also stated that there was no promoter share encumbrance in FY2025-26.

Market and investor implications: exit window and process conditions

For minority shareholders, the immediate decision point is the postal ballot, since shareholder approval is required before the delisting can proceed. The valuation report cited a value of ₹9.55 per share, while the exit price is to be determined as per SEBI rules and must not be below the applicable floor price. The two-year exit window, as disclosed, is designed to provide an additional opportunity for any remaining public shareholders after delisting to tender at the same exit price. The provided text also mentioned that the acquirer would provide the exit opportunity for two years post-delisting with quarterly advertisements and progress reports. Investors tracking the situation may also note that the public shareholding is small at 0.64%, which can shape how the process plays out operationally.

Key disclosed facts at a glance

Timeline of the delisting-related disclosures

Stock identifiers and company details disclosed

HFC was identified in the provided text with BSE scrip code 530927 and NSE symbol HARAFIN. The registered office address was listed as 30 Bays Building (Ground Floor), Sector 17-C, Chandigarh 160017. The email in the provided text was hfclegal@gmail.com, and the website was http://www.hfcindia.org.in. These identifiers are relevant for investors searching for the company’s filings and exchange disclosures.

Conclusion

Haryana Financial Corporation’s board approvals on August 19, 2026, including a valuation value of ₹9.55 per share, mark a key step in its voluntary delisting from BSE Limited. The proposal still requires shareholder approval through a special resolution via postal ballot, with August 21, 2026 set as the cut-off date to determine voting eligibility. The delisting is being pursued alongside a state-led winding-up track under Section 45 of the State Financial Corporations Act, 1951, with HSIIDC acquiring the residual public holding as disclosed. The next formal milestone in the delisting process is completion of the postal ballot and the subsequent approvals and steps required under SEBI’s delisting framework.