What is Special Purpose Acquisition Company (SPAC). What are the eligibility criteria for listing of SPAC?

Special Purpose Acquisition Company (SPAC) In terms of the IFSCA (Listing) Regulations, 2024, SPAC is defined as a company which does not have any operating business and has been formed with the primary objective to affect a business combination. Eligibility criteria for listing of SPACS A SPAC is eligible to raise capital through initial public offer of specified securities on the recognised stock exchange (s), only where: the target business combination has not been identified prior to the IPO; The SPAC has the provisions for redemption and liquidation in line with IFSCA (Listing) Regulations, 2024; and The sponsor of the SPAC issuer has a good track record in SPAC transactions, business combinations, fund management or investment banking activities and the same shall be disclosed in the offer document. A SPAC shall not be eligible to list specified securities under IFSCA (Listing) Regulations, 2024 if the issuer or any of its sponsors is: debarred from accessing the capital market; or a wilful defaulter; or a fugitive economic offender.