Haryana Financial Corp delisting: ₹9.55 exit in 2026

Key development

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 disclosed that the board also approved a valuation report that cited a value of ₹9.55 per share. The delisting is not automatic and will still need shareholder approval through a special resolution conducted via postal ballot. HFC fixed August 21, 2026 as the cut-off date for determining which shareholders are eligible to vote in the postal ballot process.

The disclosures also underline that the delisting proposal is tied to a state-led winding-up and liquidation track under the State Financial Corporations (SFCs) Act, 1951. HFC has described the delisting process as underway, with the State Government of Haryana acting through Haryana State Industrial & Infrastructure Development Corporation Limited (HSIIDC) to acquire the small public float. With promoters holding 99.36% and public shareholders owning 0.64%, the outcome hinges more on process compliance than on a large-scale tender response.

Board approvals and dates disclosed

HFC said the board approved the voluntary delisting proposal in a meeting held on August 19, 2026. In the same meeting, the board approved the valuation report that cited ₹9.55 per equity share. Separately, HFC had also disclosed that on August 12, 2026 its board approved the unaudited financial results for the quarter ended June 30, 2026 and cleared the Initial Public Announcement (IPA) for voluntary delisting.

The company had earlier intimated the exchange that the August 12 meeting would consider both the quarterly financial results and a delisting proposal. In subsequent disclosures, HFC reiterated that the voluntary delisting would proceed in line with the SEBI (Delisting of Equity Shares) Regulations, 2021, subject to shareholder and other approvals.

Shareholder vote via postal ballot

The delisting proposal is subject to shareholder approval through a special resolution. HFC stated this approval will be sought through a postal ballot. The board fixed August 21, 2026 as the cut-off date to determine eligible shareholders for the postal ballot.

To manage governance around the proposal, HFC constituted a committee of independent directors chaired by Smt. Amneet P. Kumar, IAS, to provide recommendations on the delisting proposal. The company also appointed Mr. Girish Madan as the scrutinizer for conducting the postal ballot process. Separately, Ms. Anu was designated as compliance officer for investor grievance redressal, as disclosed.

Shareholding structure and the small public float

HFC’s filings indicate a highly concentrated ownership structure. The State Government holds 99.36% of the equity, while public shareholders own 0.64%. The delisting process is intended to provide an exit opportunity to public shareholders holding 13,19,900 shares, which represent 0.64% of the total paid-up equity capital.

HFC disclosed paid-up equity capital of ₹207.66 crore. The company also stated that only 99,000 of the public-held shares are in demat form, based on the information provided in the text. With such a limited public float, the delisting mechanics are focused on meeting regulatory thresholds, completing the offer formalities, and ensuring an exit window for any remaining public investors.

How the exit price is framed in disclosures

The board approved a valuation report that cited ₹9.55 per share. In parallel, HFC has also stated that the exit price will be determined in consultation with the Manager to the Delisting Offer, while ensuring compliance with the floor price framework under Regulation 19A. The company’s disclosures therefore place ₹9.55 per share as a cited valuation value, alongside SEBI-linked conditions that the final exit price cannot be lower than the regulatory floor price.

HFC also disclosed a post-delisting exit mechanism. Remaining public shareholders, if any, will have a two-year exit window after delisting to tender their shares at the same exit price.

SEBI-linked conditions highlighted by HFC

HFC listed multiple conditions that apply to the delisting process under the SEBI Delisting Regulations. One key condition is that the exit price must not be less than the floor price determined under Regulation 19A. Another disclosed condition is the voting requirement: public shareholders must vote in favour of the proposal by at least two times the number of votes cast against it.

The company also stated that the acquirer must maintain an escrow account as specified in Regulation 14. Beyond the vote and escrow, the disclosed framework includes the two-year exit window post-delisting for remaining public shareholders.

Parties involved and mandated intermediaries

HFC said the delisting plan is being implemented with the State Government of Haryana acting through HSIIDC. According to the filing, HSIIDC is acquiring the remaining 0.64% public shareholding to facilitate eventual liquidation under Section 45 of the State Financial Corporations Act, 1951.

The company disclosed that VC Corporate Advisors Private Limited is the Manager to the Delisting Offer. It 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. These appointments align with the regulatory requirement to run a compliant delisting process even when public shareholding is minimal.

Financial and process context: losses and winding-up track

Alongside the delisting updates, HFC reported a quarterly loss as it progresses through the state-led winding-up process. The company disclosed a net loss of ₹0.40 crore for the quarter ended June 30, 2026. It also reported operating revenue of ₹0.00 crore for the same period.

In addition to delisting, HFC’s updates point to winding up and liquidation being recommended to the State Government under Section 45 of the SFCs Act, 1951. HFC has described these as parallel tracks: a delisting process from BSE on one side, and a state-led liquidation consideration on the other.

Codes and identifiers disclosed

HFC was identified in the provided text with BSE scrip code 530927 and NSE symbol HARAFIN. The delisting disclosures referenced voluntary delisting from BSE Limited.

Summary table of disclosed facts

Why this matters for public shareholders

For public shareholders, the key practical points are the postal ballot vote, the exit-price conditions, and the two-year post-delisting exit window. The disclosures highlight that the proposal requires a special resolution and must also meet the specific public shareholder voting threshold, where votes in favour must be at least two times votes against.

Separately, the insistence that the exit price must not be below the floor price under Regulation 19A, and the requirement for an escrow under Regulation 14, are safeguards typically designed to protect investors during delisting. With the public float at 0.64%, the process details become central because even small numbers of votes can matter for meeting the public shareholder voting threshold.

What to watch next

The near-term milestone is the postal ballot process, for which HFC has already fixed August 21, 2026 as the cut-off date for eligibility. The special resolution outcome will determine whether the delisting can proceed to the next steps. Separately, HFC has indicated that liquidation under the SFCs Act, 1951 has been recommended to the State Government, and that track will be considered by the State Government as per the disclosures.

Any further updates would be expected through the company’s formal communications on the postal ballot results, the exit price process in consultation with the Manager to the Delisting Offer, and disclosures tied to exchange and regulatory approvals.