Public shareholding thresholds for transferee entities under schemes of arrangement adjusted, with conditional relaxation and a one year compliance timeline. The transferee must have at least twenty five percent of post scheme paid up share capital held by public shareholders of the transferor; if not, relaxation is permitted only where specified cumulative conditions are met: a valuation test, a minimum value of post scheme public shareholding, at least ten percent post scheme public shareholding from transferor shareholders, and a scheme undertaking to raise public shareholding to twenty five percent within one year of listing.
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Provisions expressly mentioned in the judgment/order text.
Public shareholding thresholds for transferee entities under schemes of arrangement adjusted, with conditional relaxation and a one year compliance timeline.
The transferee must have at least twenty five percent of post scheme paid up share capital held by public shareholders of the transferor; if not, relaxation is permitted only where specified cumulative conditions are met: a valuation test, a minimum value of post scheme public shareholding, at least ten percent post scheme public shareholding from transferor shareholders, and a scheme undertaking to raise public shareholding to twenty five percent within one year of listing.
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