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RESTRUCTURING
Regulatory framework for Listed Companies
&
Strategies
CS CHANDRA AGARWAL
GOVERNING PROVISION
MERGER
MERGER
DEMERGER
REDUCTION
OF CAPITAL
RESTRUCTURING
Approving
Approving Authorities
Authorities
SECTION100
SECTION – 100
to –105
105ofofCompanies
CompaniesAct,
Act,1956
1956
A FEW VARIETY OF MERGER
REQUIREMENTS
PERSPECTIVE
Observations
Listing Agreement Compliances
Clause 24(f)
“The Company agrees that it shall file any
scheme/petition proposed to be filed before any
Court or Tribunal under Sections 391, 394 and 101
of the Companies Act, 1956, with the stock
exchange, for approval, at least a month before it
is presented to the Court or Tribunal.”
Listing Agreement Compliances.. contd
Clause 24(a)
Clause 40A
*BSE Stipulations
Stock Exchange Norms..contd
*BSE Stipulations
Stock Exchange Norms..contd
LOCK IN REQUIRMENTS
*BSE Stipulations
Compliance of Other Laws
AN EFFECTIVE
WAY
TO
REVIVE
YOUR
SICK COMPANY
MERGER THROUGH BIFR
(b) the size of the offer to the public ≤ Rs. 100 crores ;
and
(c) the issue was made only through book building with
allocation of 60 % of the issue size to QIBs
Or
2. It shall offer at least 25 % of each class to the public
through Advertisement & Shares applied in
pursuance of such offer were allotted
LISTING UNDER CL. 8.3.5.1 OF
SEBI (DIP) GUIDELINES
At least 25% of the paid-up share capital, post scheme, of the
unlisted transferee-company seeking listing comprises shares
allotted to the public holders of shares in the listed transferor-
Company.
Listing under Cl. 8.3.5.1 of DIP Guidelines
Cont….
What's
Your
Move??
FEW STRATEGIC MOVES
Strategy I Strategy II
LISTING RAISING
(Without PROMOTERS’
offer to
HOLDING
Public)
(Beyond 55%)
FEW STRATEGIC MOVES..contd
ACQUISITION
INCREASEING
OF LISTED
THE
CO.
RESOURCES
(Exemption from
(Without raising
Takeover Code)
Capital)
Strategy I LISTING
Merger
Mergerofof
Acquisition
Acquisitionof financially
of financiallysound
sound
Regional
RegionalListed unlisted
Listed unlistedco
cowith
with
Company(RSE) listed
Company(RSE) listedco
co
INDONEXT
INDONEXTLISTING
LISTING
Now
Nowyour
yourCompany
Company
isisready
readyfor
forListing
Listing
DIRECT
DIRECT LISTING
LISTING
RAISING PROMOTERS’ HOLDING
Strategy
StrategyIIII