Progressive Limited, is a listed company with Innovators Growth Platform. It is planning to go for its public issue in March, 2026. However, in the meanwhile, on 29th October, 2025, company has received a notice from the

The SEBI (Delisting of Equity Shares) Regulations, 2021 shall not be applicable to: securities listed and traded on the innovators growth platform of a recognized stock exchange, without making a public issue; any delisting of equity shares of a listed entity made pursuant to a resolution plan approved under section 31 of the Insolvency Code, if such plan provides for delisting of such share, or provides an exit opportunity to the existing public shareholders at a specified price. However, the existing public shareholders shall be provided an exit opportunity at a price which shall not be less than the price, by whatever name called, at which a promoter or any entity belonging to the promoter group or any other shareholder, directly or indirectly, is provided an exit opportunity. Further, the details of delisting of such shares along with the justification for exit price in respect of delisting proposed shall be disclosed to the recognized stock exchanges within one day of resolution plan being approved under section 31 of the Insolvency Code. In the given case, Progressive Limited is a listed company with Innovators Growth Platform and is planning to go for its public issue. Therefore, securities of Progressive Limited are listed and traded on the innovators growth platform of a recognized stock exchange, without making a public issue and hence, the SEBI (Delisting of Equity Shares) Regulations, 2021 shall not be applicable to the company.