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of <h1>Promoters Must Offer Exit to Dissenting Shareholders if Post-April 1, 2014 Issue Changes Use of Funds by 75% or Less</h1> The statutory provisions outline the conditions and manner in which promoters or controlling shareholders must provide an exit opportunity to dissenting shareholders. Applicable when a public issue has opened post-April 1, 2014, and at least 10% of shareholders dissent on changes to the offer document's objects or contract terms, the exit offer is mandatory if less than 75% of raised funds are utilized. Eligible dissenting shareholders, holding shares on the relevant date, are offered an exit price based on specified valuation criteria. The process involves notifying shareholders, appointing a merchant banker, creating an escrow account, and adhering to a structured timeline for the tendering period and payment. The offer must not exceed permissible non-public shareholding limits.
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