27th March 2017




Sub: Schemes of Arrangement by listed entities and (ii) relaxation under Sub-Rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957


To all Listed companies


Attention of such aforesaid listed companies are drawn to SEBI Circular Ref. No. CFD/DIL3/CIR/2017/26 dated March 23, 2017 (copy available at CSE web-site at www.cse-india.com and SEBI web-site at www.sebi.com) wherein


As per point no. 2 of the aforesaid SEBI Circular Para 8 of the aforesaid circular provides that the pricing provisions of Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 shall be followed in case of  issuance  of  shares  to  a  select  group  of  shareholders  or shareholders of unlisted companies pursuant to such schemes. It is now clarified that the ‘relevant date’ for the purpose of computing pricing shall be the date of Board meeting in which the scheme is approved”.


This is for information & necessary action.





CS Chandrani Datta