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of <h1>Only fully paid equity shares held one year before filing may be offered; conversions must complete pre-filing; exceptions; s.230-234</h1> Only fully paid-up equity shares held by sellers for at least one year prior to filing the draft offer document may be offered for sale; where shares arise from conversion/exchange of fully paid-up compulsorily convertible securities, the holding period of the convertible securities plus resultant shares is aggregated and conversion must be completed before filing. The one-year holding requirement applies at filing. Exceptions include offers by government-controlled companies/statutory authorities or SPVs in the infrastructure sector; shares acquired under schemes approved by court/tribunal/Central Government under sections 230-234 of the Companies Act, 2013; and bonus shares issued from free reserves/share premium (not revaluation or unrealized profits) on securities held for >1 year.
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