CURRENT AFFAIRS

Detailed explanation-1: -The request of the promoter(s) seeking reclassification is required to be approved in the general meeting by an ordinary resolution in which the promoter(s) seeking reclassification and the persons related to him/her/it shall not vote to approve such reclassification request.

Detailed explanation-2: -Public shareholder wants to be a promoter If any public shareholder seeks to reclassify itself as promoter, it shall be required to make an open offer in accordance with the provisions of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Detailed explanation-3: -4.1. 1 In a public issue by an unlisted company, the promoters shall contribute not less than 20% of the post issue capital. 4.2. 1 The promoters shareholding after offer for sale shall not be less than 20% of the post issue capital.

Detailed explanation-4: -Regulation 31A of the SEBI (Listing and Disclosure Requirements) Regulation, 2015 [hereinafter referred to as LODR] provides the procedure for reclassification from the status of a promoter to public. The following are the conditions which are need to be adhered to by a promoter who seeks reclassification.

Detailed explanation-5: -Stock promoters are individuals or organisations appointed by a company during a pre-IPO launch to help the company float the IPO scheme. The stock promoters assist the company in achieving its target to raise money, creating awareness among investors.