Regulation 82 - Conditions for qualified institutions placement - Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009

Conditions for qualified institutions placement. 82. A listed issuer may make qualified institutions placement if it satisfies the following conditions: (a) a special resolution approving the qualified institutions placement has been passed by its shareholders; (b) the equity shares of the same class, which are proposed to be allotted through qualified institutions placement or pursuant to conversion or exchange of eligible securities offered through qualified institutions placement, have been listed on a recognised stock exchange having nationwide trading terminal for a period of at least one year prior to the date of issuance of notice to its shareholders for convening the meeting to pass the special resolution: Provided that where an issuer, being a transferee company in a scheme of merger, de-merger, amalgamation or arrangement sanctioned by a High Court under sections 391 to 394 of the Companies Act, 1956, makes qualified institutions placement, the period for which the equity shares of the same class of the transferor company were listed on a stock exchange having nationwide trading terminals shall also be considered for the purpose of computation of the period of one year. 1 [ 2 [***]] (d) In the special resolution, it shall be, among other relevant matters, specified that the allotment is proposed to be made through qualified institutions placement and the relevant date referred to in sub-clause (ii) of clause (c) of regulation 81 shall also be specified. Explanation: For the purpose of clause (b), equity shares of the same class shall have the same meaning as assigned to them in Explanation to sub-rule (4) of rule 19 of the Securities Contracts (Regulation) Rules, 1957. ********** 1 Omitted by the SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2018, w.e.f. 12.02.2018. Prior to the omission, clause (c) read as follows: (c) it is in compliance with the requirement of minimum public shareholding specified in the Securities Contracts (Regulation) Rules, 1957; 2 Inserted by SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2011, w.e.f. 23.09.2011.