Regulation 36 - Delisting of equity shares of companies listed on innovators growth platform after making an initial public offer - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.

Part - B SPECIAL PROVISIONS FOR COMPANIES LISTED ON INNOVATORS GROWTH PLATFORM Delisting of equity shares of companies listed on innovators growth platform after making an initial public offer 36 . (1) The provisions of these regulations, shall mutatis mutandis apply to delisting of equity shares of a company listed on innovators growth platform after making a public issue, subject to the provisions of sub-regulation (2). (2) A company whose equity shares are listed and traded on the innovators growth platform pursuant to an initial public offer may be delisted from the innovators growth platform, if - (a) such delisting is approved by the Board of Directors of the company; (b) such delisting is approved by the shareholders of the company by a special resolution passed through postal ballot or e-voting, after disclosure of all material facts in the explanatory statement sent to the shareholders in relation to such resolution: Provided that the special resolution shall be acted upon only if the votes cast by the majority of public shareholders are in favour of such exit proposal; (c) delisting price is based on a floor price determined in terms of regulation 8 of Takeover Regulations, as may be applicable, and an additional delisting premium justified by the acquirer; (d) the post offer shareholding of the acquirer along with the persons acting in concert with it, taken together with the shares tendered reaches seventy five per cent of the total issued shares of that class and at least fifty per cent shares of the public shareholders as on date of the board meeting referred to in clause (a) of sub-regulation (2) are tendered and accepted; and (e) the recognised stock exchange(s), on which its shares are listed, approves of such delisting.