The promoters of Z Ltd. holds 78 percent shares of the Equity Share capital of the company. The promoters are intending to reduce their holding to meet the provisions of regulatory authorities of minimum public subscript
CS Professional · Corporate Funding & Listings in Stock Exchanges · PYQS · June 2021
The promoters of Z Ltd. holds 78 percent shares of the Equity Share capital of the company. The promoters are intending to reduce their holding to meet the provisions of regulatory authorities of minimum public subscription by way of Qualified Institutional Placement (QIP). Total Issued Share Capital of the Z Ltd. is ₹10 Crore consisting of 1 crore shares of ₹10 each. As a Company Secretary advise the Z Ltd. on the following points: (ii) Provisions regarding the approval of shareholders.
Answer & Explanation:
No resolution is required to be passed by the Shareholders in case the QIP is through an offer for sale by the promoters for compliance with minimum public shareholding requirements.
Topics: Qualified Institutional Placement (QIP)
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