Minimum public shareholding requirements revised; higher-cap companies must increase public float within specified timeframe after listing. The amendment substitutes rule 19(2)(b) to set graduated minimum public allocations of equity shares or convertible debentures based on post-issue capital, mandates that companies in the intermediate and larger tranches increase public shareholding to a prescribed minimum within three years of listing in the manner specified by the regulator, provides a transitional exemption for pending draft offer documents meeting prior conditions, omits clause (c) of rule 19(2), and deletes wording from the Explanation to rule 19A(1).
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Minimum public shareholding requirements revised; higher-cap companies must increase public float within specified timeframe after listing.
The amendment substitutes rule 19(2)(b) to set graduated minimum public allocations of equity shares or convertible debentures based on post-issue capital, mandates that companies in the intermediate and larger tranches increase public shareholding to a prescribed minimum within three years of listing in the manner specified by the regulator, provides a transitional exemption for pending draft offer documents meeting prior conditions, omits clause (c) of rule 19(2), and deletes wording from the Explanation to rule 19A(1).
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