Requirement of minimum promoters’ contribution not applicable in certain cases

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..... apply in case of: (a) an issuer which does not have any identifiable promoter; (b) a further public offer, where the equity shares 1 [of the issuer] 2 [***] are not infrequently traded in a recognised stock exchange for a period of at least three years and the issuer has a track record of dividend payment for at least immediately preceding three years: Provided that where promoters .....

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..... the draft offer document with the Board and in case of a fast track issue, the date of filing the offer document with the Registrar of Companies before opening of the issue. ********* 1 Inserted by SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2010, w.e.f. 12.11.2010. 2 Words of the same class which are proposed to be allotted pursuant to conver .....

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