Neel Bio Tech Limited whose specified securities are traded on the "Innovators Growth Platform" (IGP) pursuant to an initial public offer (IPO) would like to exit from IGP. Explain in brief the conditions under which the

As per SEBI (Issue of Capital and Disclosure Requirements (Second Amendment) Regulations, 2021 - An issuer company whose specified securities are traded on the Innovators Growth Platform pursuant to an initial public offer may exit from the Innovators Growth Platform. if such an exit is approved by the Board of directors of the company in its meeting. if such an exit is approved by the shareholders of the company by a special resolution passed through postal ballot or e-voting, by majority of public shareholders 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. Delisting price is based on a floor price determined in terms of Regulation 8 SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as may be applicable, and an additional delisting premium justified by the acquirer / promoter. The post-offer acquirer / promoter shareholding (along with the persons acting in concert with the acquirer / promoter), 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 meeting referred are tendered and accepted; and Recognised stock exchange(s) where its shares are listed approves of such an exit. Exit shall be pursuant to the SEBI (Delisting of Equity Shares) Regulations.