Legalese
Legalese
Advise a ₹5 lakh crore issuer on the minimum public offer and minimum public shareholding rules as amended in March 2026. You will place the issuer on the new tier grid, size an offer that survives every possible price within the band, map the post-listing dilution path, and run a compliance sweep across the promoter's listed and unlisted group companies.
It is Friday, 25 September 2026. You are the Senior Associate on the issuer-side legal team advising Aranya Digital Infrastructure Limited ("ADIL") on its proposed initial public offering on NSE and BSE, codenamed Project Banyan. ADIL is India's largest unlisted operator of hyperscale data centres and long-haul fibre. It is highly profitable and has no pressing need for primary capital. Its promoters want the smallest public float the law permits and the slowest dilution path available. Its private equity investor, Kestrel, wants a partial exit. The Board meets on Monday, 28 September 2026 to approve the Draft Red Herring Prospectus. Your partner needs your analysis of amended Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 before then, together with a sweep of the minimum public shareholding position across the Aranya group.
From: Meera Iyer, Partner To: Senior Associate Subject: Project Banyan — your role this week You will run the regulatory workstream on ADIL's IPO and report to me before Monday's Board meeting. You are responsible for four things: 1. Placing ADIL on the amended Rule 19(2)(b) grid at every point in the price band, and identifying which limb of each requirement actually binds. 2. Confirming an Offer size, fixed in shares, that the BRLMs can put in the DRHP and that stays compliant at any Offer Price, and advising on Kestrel's proposed changes. 3. Working out ADIL's public shareholding on listing and the minimum public shareholding path the promoters will live with for the next ten years. 4. Advising the listed and unlisted group companies on the SEBI relief circular, superior voting rights shares and the IFSC listing. Work only from the annexures. Every figure you give the Board must tie back to them.