Promoter sale to employees permitted within two-week period as part of Offer for Sale, subject to price/discount and disclosure. Promoters of eligible companies may sell shares to employees within a two week period after the Offer for Sale, with the employee allotment treated as part of the OFS. Such shares may be offered at the OFS discovered price or at a discount. Promoters must disclose the number of shares offered to employees and any discount in the OFS notice to the exchange. The change is to be incorporated into prior OFS circular provisions and stock exchanges must update systems, bye laws and notify brokers.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Promoter sale to employees permitted within two-week period as part of Offer for Sale, subject to price/discount and disclosure.
Promoters of eligible companies may sell shares to employees within a two week period after the Offer for Sale, with the employee allotment treated as part of the OFS. Such shares may be offered at the OFS discovered price or at a discount. Promoters must disclose the number of shares offered to employees and any discount in the OFS notice to the exchange. The change is to be incorporated into prior OFS circular provisions and stock exchanges must update systems, bye laws and notify brokers.
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