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Exemptions

The eligibility norms specified above for (POs) offer for sale by unlisted companies and public issues by listed companies are not applicable in the following cases:

Private/public sector banks

Infrastructure companies, wholly engaged in the business of developing, maintaining and operating infrastructure facility within the meaning of Section 10 (23-G) of the Income Tax Act (a). whose project has been appraised by a (PO)/Infrastructure Development finance. Company (JDFC) infrastructure Leasing and Financial Services Ltd (JLFS) or a bank which was earlier a PFI and (b) not less than 5 per cent of the project cost has been financed by the appraising institutions jointly/severally by way of loan/subscription to equity or combination of both.

Rights issue by a listed company

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