Public offering threshold reduced, permitting conditional relaxations for government companies with prior central approval and instructions. Amendment to rule 19(2)(b) of the Securities Contracts (Regulation) Rules replaces the sixty per cent public offering benchmark with a twenty-five per cent threshold, allows a recognised stock exchange to relax that requirement for a Government Company with prior Central Government approval and subject to governmental instructions, and amends the Explanation to state that the identified element 'shall not form part of the twenty-five per cent, of the securities to be offered to the public.'
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Public offering threshold reduced, permitting conditional relaxations for government companies with prior central approval and instructions.
Amendment to rule 19(2)(b) of the Securities Contracts (Regulation) Rules replaces the sixty per cent public offering benchmark with a twenty-five per cent threshold, allows a recognised stock exchange to relax that requirement for a Government Company with prior Central Government approval and subject to governmental instructions, and amends the Explanation to state that the identified element "shall not form part of the twenty-five per cent, of the securities to be offered to the public."
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