Securities and Exchange Board of India (SEBI) amended Issue of Capital and Disclosure Requirements Regulations, 2009 and inserted specific requirements for Institutional Placement Programme under Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2012.
The provisions of this Regulation shall apply to issuance of fresh shares and or offer for sale of shares in a listed issuer for the purpose of achieving minimum public shareholding through Institutional Placement Programme.
Regulation has defined “Institutional Placement Programme” means a further public offer of eligible securities by an eligible seller, in which the offer, allocation and allotment of such securities is made only to qualified institutional buyers in terms of this Regulation. Eligible Seller includes listed issuer, promoter/promoter group of listed issuer.
Present Regulation laid down conditions of Institutional Placement Programme under Issue of Capital and Disclosure Requirements Regulations, 2009 , obligations of Merchant Banker and Disclosure requirements, pricing and allocation cap, minimum number of allottees, maximum amount restriction of any issue and reasonable restrictional conditions on issuer.
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