Minimum public shareholding obligations expanded to prescribe allocation thresholds for large offers and post-insolvency listings. The amendment mandates that companies whose post-issue capital at offer price exceeds the upper threshold must allocate equity or convertible debentures equivalent to a specified value and at least five percent of each class; such companies must increase public shareholding to ten percent within two years and twenty-five percent within five years as specified by the regulator. The timeline proviso is reduced from eighteen to twelve months, and every listed company must maintain at least five percent public shareholding where that holding results from an approved insolvency resolution plan. Rules commence on Gazette publication.
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Provisions expressly mentioned in the judgment/order text.
Minimum public shareholding obligations expanded to prescribe allocation thresholds for large offers and post-insolvency listings.
The amendment mandates that companies whose post-issue capital at offer price exceeds the upper threshold must allocate equity or convertible debentures equivalent to a specified value and at least five percent of each class; such companies must increase public shareholding to ten percent within two years and twenty-five percent within five years as specified by the regulator. The timeline proviso is reduced from eighteen to twelve months, and every listed company must maintain at least five percent public shareholding where that holding results from an approved insolvency resolution plan. Rules commence on Gazette publication.
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