Star Limited, is a listed company with Innovators Growth Platform. In the recent past, it has made its initial public offer. However, in the forthcoming board meeting there is an agenda item for delisting of its equity s

Under Regulation 36(2) of the SEBI (Delisting of Equity Shares) Regulations, 2021, 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. However, 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 75% of the total issued shares of that class and at least 50% shares of the public shareholders as on date of the board meeting are tendered and accepted; and (e) the recognised stock exchange, on which its shares are listed, approves of such delisting. Therefore, Star Limited would be required to comply with the above conditions for delisting under the SEBI (Delisting of Equity Shares) Regulations, 2021.