Securities Ineligible for Computation of Promoters Contributions
The securities specified below acquired by/allotted to promoters would not be considered for computation of promoters contribution:
• Where before filing the offer document with the SEBI, equity shares were acquired during the preceding three years (a) for considerations other than cash and revaluation of assets/ capitalization of intangible assets is involved in such transaction and (b) from a bonus issue out or revaluation or reserves without accrual of cash revenues.
• In the case of a public issue by unlisted companies, securities issued to promoters during the preceding one year at a price lower than the price at which equity is offered to the public. However, shares for which the difference between the offer price and the issue price is brought in by the promoters would be eligible subject to compliance with the applicable provisions of the Companies Act such as passing of resolution by shareholders/board of directors, filing of revised return of allotment with ROC and so on.
• Securities of any private placement made by solicitation of subscription from unrelated persons either directly or through an intermediary; and.
• Securities for which a specific written consent has not been obtained from the respective shareholders (or inclusion of their subscription in the minimum promoters contribution.