For the first time in my memory, Small shareholders are getting higher number of entitlement without the statutory 15% quota reserved for them.
On 16th March 2019, I had written to SEBI in the context of Buy-Back of Monte Carlo, that the benefit of non-participation by Promoters should be passed on to small shareholders. In subsequent Buy-Backs SEBI did take care of this and the result is; in Birla soft, small shareholders are getting an allocation of 11.82 lacs shares as against the 15% quota of 11.70 Lacs shares. In the case of Monte Carlo earlier the actual acceptance ratio for HNI was higher than the retail shareholders. SEBI has now ensured that the benefit of no-participation by promoters flows down to small shareholders proportionately.
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