Regulation 115 - Lock-in of specified securities held by the promoters - Securities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018

PART IV: LOCK-IN AND RESTRICTIONS ON TRANSFERABILITY Lock-in of specified securities held by the promoters 115. The specified securities held by the promoters shall not be transferable (hereinafter referred to as locked-in ) for the periods as stipulated hereunder: (a) minimum promoters contribution including contribution made by alternative investment funds, or foreign venture capital investors, as applicable, shall be locked-in for a period of 3 [ eighteen months from the date of allotment of the further public offer]; 4 [Provided that in case the majority of the issue proceeds excluding the portion of offer for sale is proposed to be utilized for capital expenditure, then the lock-in period shall be three years from the date of allotment in the initial public offer.] (b) promoters holding in excess of minimum promoters contribution shall be locked-in for a period of 5 [ six months]: 4 [ Provided that in case the majority of the issue proceeds excluding the portion of offer for sale is proposed to be utilized for capital expenditure, then the lock-in period shall be one year from the date of allotment in the initial public offer.] 1 [ (c) The SR equity shares shall be under lock-in until their conversion to equity shares having voting rights same as that of ordinary shares, provided they are in compliance with the other provisions of these regulations. ] 2 [****] 6 [ Explanation : For the purpose of this regulation, capital expenditure shall include civil work, miscellaneous fixed assets, purchase of land, building and plant and machinery, etc.] ********** NOTES:- 1. Inserted vide Notification No. SEBI /LAD- NRO /GN/2019/29 dated 29-07-2019 2. Omitted vide Notification No. SEBI /LAD- NRO /GN/2021/03 dated 08-01-2021 before it was read as Provided that the excess promoters contribution as provided in the proviso to clause (b) of regulation 112 shall not be subject to lock-in. 3. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/45 Dated 13-08-2021 before it was read as: three years from the date of commencement of commercial production or from the date of allotment in the further public offer, whichever is later 4. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/45 Dated 13-08-2021 . 5. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/45 Dated 13-08-2021 before it was read as: one year 6. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/45 Dated 13-08-2021 before it was read as: Explanation : For the purposes of this regulation, the expression date of commencement of commercial production means the last date of the month in which commercial production of the project in respect of which the funds raised are proposed to be utilised as stated in the offer document, is expected to commence.