Schneider Electric Set to Relist Indian Arm on MSEI Following Sebi Directive

12 Dec 2023 , 01:55 PM

Schneider Electric is preparing to relist its Indian subsidiary on the Metropolitan Stock Exchange of India (MSEI) after nearly six years of delisting, in compliance with Sebi’s directive.

Earlier this year, Securities Appellate Tribunal (SAT) accepted the withdrawal application of Schneider Electric, directing the company to either re-list or de-list within six months. Schneider Electric chose to re-list.

This case arose in 2019 when shareholders and regional stock exchanges (RSE) approached SAT due to perceived poor treatment of their complaint by Sebi. Subsequently, Sebi instructed Schneider to either list on exchanges or offer an exit opportunity to existing shareholders.

Schneider shares were initially listed on Bangalore and Pune stock exchanges, which closed down as per Sebi’s order requiring exclusively listed companies on RSEs to seek listing on national-level stock exchanges.

Schneider Electric specializes in building automation, security, installation systems, power monitoring, critical power, and cooling services across various sectors.

The company operates 30 active factories in India, including five smart factories located in Hyderabad, Bengaluru, and Chennai.

In October, Schneider’s Indian arm announced plans to expand its battery manufacturing scope, focusing on advancements in battery technologies and chemistries, actively researching future battery technologies and evaluating suitable options in terms of segment and chemistry.

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