Explain the Institutional Placement Programme.

Institutional Placement Programme (IPP): An Institutional Placement Programme (IPP) refers to a further public offer of equity shares by a listed issuer, or an offer for sale of shares by a promoter/promoter group of a listed issuer, where the offer, allocation, and allotment of such shares are made exclusively to Qualified Institutional Buyers (QIBs). This mechanism is primarily used for the purpose of achieving minimum public shareholding as per Chapter VIII-A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. Key Aspects: Purpose: To help listed companies comply with the minimum public shareholding norms stipulated under Rule 19(2)(b) and 19A of the Securities Contracts (Regulation) Rules, 1957. Eligible Sellers: The listed issuer itself (issuing fresh shares) or its promoter/promoter group (offering existing shares for sale). Eligible Buyers: Only Qualified Institutional Buyers (QIBs) are permitted to subscribe to shares under an IPP. Regulatory Framework: SEBI introduced IPP through a notification dated January 30, 2012, by inserting Chapter VIII-A into the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.