Exit offer requirement when controlling shareholders vary prospectus terms and sufficient dissidence occurs with inadequate utilisation of raised funds.

Exit offer obligation requires promoters or controlling shareholders to provide an exit opportunity to dissenting shareholders when a change in objects or variation in prospectus-disclosed contractual terms is opposed by a specified minority of voting shareholders and when the amount utilised for the stated objects falls short of the proportion of funds raised disclosed in the offer document; it applies to public issues opened after the prescribed effective date.

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