“Dissenting shareholders” and the conditions for applicability of Exit offers by dissenting shareholders according to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009

As per regulation 69B of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, “dissenting shareholders” means those shareholders who have voted against the resolution for change in objects or variations in terms of a contract, referred to in the prospectus of the issuer

Conditions for applicability of Exit Offers:

The provisions of exit offers by dissenting shareholders shall be applicable only if the following conditions are fulfilled:

(a) Exit offer shall be applied on a prospective basis, i.e. the Public Issue has opened after the commencement of April 01, 2014; and

(b) The proposal shall be dissented by at least 10% of the shareholder; and

(c) The amount to be utilized for the objects for which the prospectus was issued is less than 75% of the amount raised (including the amount earmarked for general corporate purposes as disclosed in the offer document).
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