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Listing without Raising Capital from Public (Institutional Trading Platform) ITP

What’s this all about?

  • ITP is a platform exclusively for listing of securities

  • Exemption from the requirement of having minimum 50 shareholders(as low as seven-
        shareholders)

  • Negligible expenses (as low as 1/3rd of the other mode of listing) and lower time frame
        for Listing Process(1-1.5 months)

  • Transactions will attract only STT(which is very low), not Capital Gains Tax which may be
        as high as 30%

  • No requirement of having 25% mandatory public share-holding norm(100% shareholding
        is possible in the hands of promoters even after listing)

  • Basic Requirements

  • Only a Public Limited Company can be listed in SME Platforms

  • At least 1 full year’s audited financial statements

  • All securities to be in demat

  • Facts

  • Listing with issue of securities to public not allowed

  • ITP Listed company can not make an IPO

  • Capital raising only possible through private placement or rights issue without an option
        for renunciation of rights

  • The private placement and rights issue will be subject to inprinciple approval from SE &
        shareholders approval through special resolution along with certain other criteria & disclosures.

  • Minimum trading lot of Rs 10 Lakhs

  • The identity of buyers and sellers for every transaction will be visible on the ITP at the end
        of respective trading day

  • Promoter to hold atleast 20% of the post listing capital with 3 years lock-in from the date
        of listing

  • ITP aims to facilitate Entry and Exit of PE/VC/Early Stage Investors into SMEs & Start-ups in India

    Exit Route

    Voluntary

  • Decision in the Meeting of Shareholders

  • Stock Exchange Approval

  • Compulsory

  • 10 years on ITP

  • Paid up capital > Rs 25 cr

  • Revenue > Rs 300 cr

  • Market cap > Rs 500 cr