first time listing

Hi Shruthy,

At the out set, I want to clarify Preference Shares can be listed.

However, due to following ICDR regulations I am not sure whether ICDR will be applicable to non-convertible preferense share

Reg 2(1)

(p) “initial public offer” means an offer of specified securities by an unlisted issuer to the public for subscriptttion and includes an offer for sale of specified securities to the public by any existing holders of such securities in an unlisted issuer;

(n) “further public offer” means an offer of specified securities by a listed issuer to the public for subscriptttion and includes an offer for sale of specified securities to the public by any existing holders of such securities in a listed issuer;

(zj) “specified securities" means equity shares and convertible securities;

Regards

Jaideep Pandya

thanks jaideep.

from this what i understood is primafacie pref shares are listable provided they are convertible.

if so what about their convertibility - should they be optionally or mandatorily convertible ----and fully or partially convertible

in case they are partially convertible , would they be listed only to the extent of convertible portion.

i believe the provision may be like this : pref shares are listable provided they are mandatorily convertible and listing is allowed only to the portion of convertible it means if they are 40% mandatorily convertible and the remaining 60% either optionally or non-convertible .....then ONLY that 40% portion might be listable

but iam not sure whether it is correct view

unless some learned members vouch this view or correct this view if it is wrong

iam looking for active response from the learned members of this forum

regards

shruthy

I mentioned ICDR Regulation for the IPO and FPO of preference shares.

Secondly, Yes , convertible preference shares can be listed.