The Economic Times

Sebi clarifies off-market sale of unlisted shares to up to 200 buyers not a public issue

Sebi has stated that off-market transactions involving share sales are distinct from public issues, particularly when current shareholders opt to sell unlisted equity shares privately. A limit of two hundred purchasers per financial year must be adhered to. This clarification was specifically made in response to IDBI Bank's proposed divestment strategies, confirming that such actions are allowed as secondary transactions by existing shareholders.