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Following this, it had submitted a joint software on behalf of the transferor/promoter to Sebi, looking for leisure of the three-year minimal promoter lock-in necessities.
Moreover, it additionally sought approval to undertake the proposed scheme of amalgamation as a technique to attain the minimal public shareholding.
“…we hereby inform you that the Sebi, vide its letter dated December 2, 2021, has acceded to our request to loosen up the three-year minimal promoter lock-in necessities,” it mentioned in a regulatory submitting.
The exemption is topic to no-objection certificates (NOC) from the exchanges and closing approval by the Nationwide Firm Legislation Tribunal (NCLT).
“The exemption being granted from lock-in is just for the interval commencing after approval of the proposed scheme of amalgamation by NCLT and until expiry of the lock-in interval,” it mentioned citing the Sebi letter.
Nonetheless, the Sebi specified that the comfort is granted to them for the “particular objective of scheme of amalgamation” between Ujjivan Monetary Companies and Ujjivan SFB and “shall not be handled as a priority”.
Additional, as suggested by Sebi, the financial institution will provoke vital steps to make sure compliance with minimal public shareholding necessities by way of mode specified underneath Sebi round dated February 22, 2018, it added.
Presently, Ujjivan Monetary Companies holds 83.32 per cent of the fairness shareholding and 100 per cent of desire shareholding of Ujjivan SFB.
As per the minimal shareholding norms, the promoter’s minimal preliminary contribution within the SFB arm must be a minimum of 40 per cent. If the promoter’s preliminary shareholding within the SFB is in extra of 40 per cent, it’s to be introduced right down to 40 per cent inside a interval of 5 years from the date of graduation of operations of SFB.
This era of 5 years is expiring on January 31, 2022.
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