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<h1>Valuation Report Required for Preferential Issues Over 5% or Control Change Per Regulation 166A, SEBI 2018</h1> Regulation 166A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, mandates that any preferential issue leading to a change in control or allotment exceeding five percent of the issuer's post-issue fully diluted share capital requires a valuation report from an independent registered valuer. The floor price must be the highest among specified criteria, including the valuation report. If the issue may change control, the report must address control premium. The report must be published on the issuer's website and referenced in shareholder meeting notices. Such issues require approval from a committee of independent directors, whose voting patterns must be disclosed.