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- ORGANIZATIONAL RESTRUCTURING •A social unit of people that is structured and managed to meet a need or to pursue collective goals, is called an “Organization”. •Organizational Structure consists of activities such as task allocation, coordination and supervision, which are directed towards the achievement of organizational goals.
- • Organizations are a variant of clustered entities. • An organization can be structured in many different ways, depending on their objectives. • The structure of an organization will determine the modes in which it operates and performs. ORGANIZATIONAL RESTRUCTURING
- A visual schematic of Organizational Chart ORGANIZATIONAL RESTRUCTURING
- • A business organization makes changes in personnel and departments and change how workers and departments report to one another to meet market conditions. • Some companies shift organizational structure to expand to serve growing markets & other companies reorganize downsize or eliminate departments to conserve overhead. ORGANIZATIONAL RESTRUCTURING
- • Organization restructuring happens when the reporting hierarchy of a company changes. • After organization restructuring certain groups will report to different departments, and some departments may be newly created or disappear altogether. ORGANIZATIONAL RESTRUCTURING
- Causes of Organizational Restructuring • Changing Strategy • Changing Structural Types • Downsizing • Expanding ORGANIZATIONAL RESTRUCTURING
- Changing Strategy • Companies reorganize structure to accommodate the market shifts. • Some companies create new divisions to facilitate new products or product lines. • Some companies trim production staff due to surplus production • Some companies increases sales staff to drive sales. ORGANIZATIONAL RESTRUCTURING
- Changing Structural Types • Companies often rearrange business structure to follow a new business model. • Some companies shift organizational structure to a regional model to assign local managers. • Some companies create a matrix grid to place the key managers over various departments and divisions. ORGANIZATIONAL RESTRUCTURING
- Downsizing • Companies commonly downsize to remain functional during a loss of revenue. • Most companies will close departments, drop product lines, lay off managers and sell facilities to keep a company afloat. • Some companies reorganize business structure to meet the needs of the new organization at its smaller size ORGANIZATIONAL RESTRUCTURING
- Expanding • Corporate expansion demands the creation of new departments to accommodate new products or new facilities. • For any expansion companies has to rearrange business structure to include the new staff. • Companies often make changes in the basic organizational structure for any expansion. ORGANIZATIONAL RESTRUCTURING
- Merger and Acquisition • Merger and Acquisition refers to the process of acquiring a company at a price called the acquisition price or acquisition premium. • The key principle behind M & A is to create shareholder value over and above that of the sum of the two companies. • Two companies together are more valuable than two separate companies
- Merger and Acquisition Distinction between Mergers and Acquisitions • When one company takes over another and clearly establish itself as the new owner, the purchase is called an acquisition. • When two firms, often of the same size, agree to go forward as a single new company rather than remain separately owned and operated, this is referred to as a merger.
- Merger and Acquisition Types of Merger • Horizontal Merger • Vertical Merger • Co-Generic Merger • Conglomerate Merger • Amalgamation
- Merger and Acquisition Horizontal Merger • Merger exists between two companies who compete in the same industry segment. • The two companies gain strength in terms of improved performance, increased capital, and enhanced profits • Reduces the number of competitors in the segment and gives a higher edge over competition.
- Merger and Acquisition Vertical Merger • Merger exists between two or more companies in the same industry but in different fields of business. • The companies in merger decide to combine all the operations and productions under one shelter.
- Merger and Acquisition Co-Generic Merger • Merger exists between two or more companies which are related to the production processes, business markets, or basic required technologies. • It is the extension of the product line or acquiring components that are required in the daily operations.
- Merger and Acquisition Conglomerate Merger • It is an arrangement where two or more companies consolidate their business to form a new firm, or become a subsidiary of any one of the company. • Involves dissolving the entities of amalgamating companies and forming a new company having a separate legal entity.
- Merger and Acquisition Amalgamation • Merger or venture exists when two or more companies belonging to different industrial sectors combine their operations. • Companies are no way related to their kind of business and product line. • This is just a unification of businesses from different verticals under one flagship enterprise or firm.
- Change in Company attitude • Organizational change occurs when a company makes a transition from its current state to desired future state. • This is managed so as to minimize employee resistance and maximizing the effectiveness of the change. • Managing organizational change is the process of planning and implementing change.
- Change in Company attitude Major areas of attitude change. • Strategy, • Technology, • Structure, • People
- Change in Company attitude • Three basic stages of strategic change. • Realizing that the current strategy is no longer suitable, • Establishing a vision for the company's future, • Setting up new systems to support change.
- Change in Company attitude • Technological changes are often introduced as components of larger strategic changes. • Technology change is incorporated into the company's overall systems & structure. • Structural changes can also occur due to strategic changes. • It also occurs due to operational changes or changes in managerial style.
- Change in Company attitude • People change is a result of other changes. • Sometimes companies seek to change people attitude to increase their effectiveness. • Positive change of people that match with company’s goal help for successful merger.
- Change in Employee attitude • Aftermath of mergers and acquisitions impact the employees or the workers the most. • In a merger or an acquisition, employees are bound to be laid-off or downsized. • The workers will have to compromise. • Employees may experience job/career/life dissatisfaction, lower self- esteem, depression, and anxiety
- Change in Employee attitude Reaction of employee to a merger: • Denial: At first employees feel that the merger will not really happen. • Fear: As plans for the merger begin to unfold, employees begin to fear the unknown and imagine the worst. • Rumors: Circulate rumors of mass layoffs, terminations & job loss.
- Change in Employee attitude • Anger: Employees begin to express anger towards the deal. • Sadness: Employees begin to grieve the loss of their corporate identity. • Differentiation: They focus on the differences in the way the two companies operate and are managed
- Change in Employee attitude Best practices for positive employee attitude: • Better understanding of the human implication of a merger. • Nurture employees through training and coaching. • Frequent and regular communication during and after the merger.
- Change in Employee attitude • Employee assistance programs to reduce stress. • Counseling to help employees distinguish the real effects of a merger. • Establish clear, well-defined reporting relationships.
- Do’s and Don’ts Do’s: • Retain key people. • Communicate opportunities early to high potential staff. • Insist on honesty and transparency in the communication. • Expect and plan for ups and downs
- Do’s and Don’ts Don’ts: • Loose control over the situation and access to information. • Treat the acquired company as “occupied territory”. • Reduce trust and cooperation between organizations. • Allow negative impact of the merger on employees
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WOODLAWN BAPTIST CHURCH STAFF RESTRUCTURING PLAN
Author zelda-wallace
ministry staff
Church operations, senior staff positions, staff members, childrens ministries, senior pastor, minister of adult ministries, support staff position.
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WOODLAWN BAPTIST CHURCH STAFF RESTRUCTURING PLAN. What is the Staff Restructuring Plan?. The Staff Restructuring Plan is the rearrangement of job assignments of four senior staff positions and one support staff position in the church. Why is the Staff Restructuring Plan Necessary?. - PowerPoint PPT Presentation
Text of WOODLAWN BAPTIST CHURCH STAFF RESTRUCTURING PLAN
WOODLAWN BAPTIST CHURCH
STAFF RESTRUCTURING PLAN
What is the Staff Restructuring
The Staff Restructuring Plan is the rearrangement of job assignments of four senior staff positions and one support staff position in the church.
Why is the Staff Restructuring Plan
The specific gifts and strengths of each staff member make them better qualified for their new responsibilities. The new structure will benefit the church by enabling staff members to serve in areas that optimize their individual spiritual gifts and strengths in ministry, thereby making the church more effective in fulfilling our purpose of making disciples.
How does the Staff Restructuring Plan
Four senior staff positions and one support staff position will be rearranged to better fulfill the existing needs of the church. The changes will be as follows:
(1) Pastor Cris, currently serving as Minister of Adult Ministries with an emphasis on senior adult ministries, will become the Minister of Adult Ministries with an emphasis on discipleship and evangelism.
Cris will devote his full time to creating a discipleship movement where we bring people in through large group worship, grow them up through small group ministry, and send them out through missions and ministry. This will help all the established ministries of the church by helping us to stay on task and be intentional in fulfilling the Great Commission.
(2) Pastor Jerry, currently serving as Minister of Parents and Children’s Ministries, will become the Minister of Senior Adult Ministries. He will become the senior adult pastor, which will greatly increase the amount of staff time devoted to the senior adult ministry of the church.
Jerry will oversee the pastoral care ministry in the church including hospital and homebound visitation. He will also oversee Communications within the church and work with a Communications Leadership Team to ensure that we do a better job communicating in the church.
(3) Miss Erica, currently serving as Director of Preschool Ministries will become the Director of Preschool and Children’s Ministries. She will direct the preschool and children’s ministries of the church. Erica will work with a Preschool Leadership Team and a Children’s Leadership Team to develop a strategy to equip parents so that every child can know Jesus and grow in Jesus.
(4) Pastor Jeff, currently serving as Associate Pastor of Church Ministries and Operations, will become the Associate Pastor of Family Ministries and Missions. He will supervise all the ministry staff of the church and oversee mission’s development. He will no longer be responsible for church operations (the business and finance departments of the church).
(5) The position of Financial Ministry Assistant will become Business Administrator. This fulltime position will be filled preferably by a layperson with a business degree and will give oversight to the business and finance departments of the church.
When will the Staff Restructuring Plan
The restructuring will take place September 1, 2012.
How will the Staff Restructuring Plan be
communicated?
•Step One: The senior pastor presents the restructuring plan and process to the Personnel Committee of Woodlawn for consideration (May/June).•Step One: The senior pastor presents the restructuring plan and process to the Personnel Committee of Woodlawn for consideration (May/June).
1.Step One: The Senior Pastor presented the restructuring plan and process to thePersonnel Committee of Woodlawn for consideration during the months of May/June.
2. Step Two: Following approval by the Personnel Committee, the Senior Pastor shared the restructuring plan and process with the Church Council, Deacons, and ministry leadership teams that wouldbe impacted by the restructuring during July.
3. Step Three: The Senior Pastor is shared the restructuring plan with the church on Sunday, August 5.
4. Step Four: The restructuring plan will be reiterated on the church websiteduring the months of August/Septemberand in the church newsletter in August.
5. Step Five: The restructuring will
take effect September 1, 2012.
Does the Staff Restructuring Plan have to be voted
on by the church?
No, the purpose of sharing the information with the church is simply to inform. The Personnel Policy approved by the church grants the Senior Pastor authority to make staffing and salary decisions in consultation with the Personnel Committee and the Stewardship Committee as is necessary to realize the ministry priorities established by the church under his leadership.
Are copies of the new job descriptions available to
the church?
No, the purpose of sharing the information with the church is simply to inform. The Personnel Policy approved by the church grants the Senior Pastor authority to make staffing and salary decisions in consultation with the Personnel Committee and the Stewardship Committee as is necessary to realize the ministry priorities established by the church under his leadership. No, the purpose of sharing the information with the church is simply to inform. The Personnel Policy approved by the church grants the Senior Pastor authority to make staffing and salary decisions in consultation with the Personnel Committee and the Stewardship Committee as is necessary to realize the ministry priorities established by the church under his leadership. No, the purpose of sharing the information with the church is simply to inform. The Personnel Policy approved by the church grants the Senior Pastor authority to make staffing and salary decisions in consultation with the Personnel Committee and the Stewardship Committee as is necessary to realize the ministry priorities established by the church under his leadership.
Yes, copies of the new job descriptions are available to church members upon request by calling the Senior Pastor’s executive assistant.
Audio/VisualDirector
Instrumentalists
Minister ofYoung Adults & Contemporary
Minister of Musicand Worship
Associate Pastor ofFamily Ministries
and Missions
Facilities Staff
Support Staff
BusinessAdministrator
Director ofPreschool and
Minister ofYouth
Minister ofYoung Adults &Contemporary
Minister ofAdults
Minister ofSenior Adults
Senior Pastor
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SL to present debt restructuring plan to IMF by August: PM Wickremesinghe
Sri lanka will present a debt restructuring programme to the imf by august to secure a bailout package, prime minister ranil wickremesinghe told parliament on tuesday.
Ranil Wickremesinghe, Sri Lanka PM
Sri Lanka will present a debt restructuring programme to the IMF by August to secure a bailout package, Prime Minister Ranil Wickremesinghe told Parliament on Tuesday, but acknowledged that negotiations with the global lender were "more difficult and complicated" than in the past as the country is now "bankrupt." Sri Lanka is going through the worst economic crisis since its independence from Britain in 1948, and needs to obtain at least USD 4 billion to tide over the acute shortage in foreign exchange reserves.
An International Monetary Fund (IMF) team visited Colombo on June 20 to continue discussions on an economic programme that could be supported by an IMF lending arrangement.
The IMF later said it has concluded constructive and productive discussions with Sri Lankan authorities, but warned that the crisis-ridden island nation needs to do more on debt restructuring and step up structural reforms to address corruption vulnerabilities before a bailout package is finalised.
"The first round of discussions with the IMF has been a success but the assistance depends on the debt restructuring programme which Sri Lanka has to come up with," Wickremesinghe said in Parliament.
Sri Lanka is currently working on the debt restructuring sustainability being prepared by legal and financial experts. "We hope to submit this report to the IMF by August. Once this is done we will be able to reach an agreement," he said.
The anticipated IMF facility is viewed as being slow to materialise due to the question of the island's debt sustainability.
Sri Lankan PM Wickremesinghe hold talks with IMF team on economic programme
Sri lanka to present debt restructuring programme to imf by august: pm, sri lanka seeks up to $4 bn ahead of imf talks; pak to name finance chief, sri lanka's debt restructuring to impact bilateral loans: chinese envoy, sri lanka pm wickremesinghe stresses urgency for economic reform plan, china opens up air travel after 2-yr covid ban, services to india in limbo, kremlin denies reports of chinese president xi refusing to visit russia, 30 nato allies sign off on accession protocols for sweden and finland, nato allies poised to sign accession protocols for sweden and finland, natural gas soars 700%, becoming driving force in the new cold war.
Wickremesinghe said the economic crisis will be resolved through meaningful reforms and stressed that the support of Parliament, including the Opposition, is of paramount importance.
"A return to an open economy, devoid of state monopolies, is a must. Economic integration with the region mustn't be feared, but pursued, he said.
Wickremesinghe recalled that Sri Lanka held negotiations with the IMF on many occasions before, however at those times discussions were held as a developing country.
"But this time the situation is different from all those previous occasions. We are now participating in the negotiations as a bankrupt country. Therefore, we have to face a more difficult and complicated situation than in previous negotiations," he said.
"Once a staff-level agreement is reached, this will be submitted to the IMF Board of Directors for approval. But due to the state of bankruptcy our country is in, we have to submit a plan on our debt sustainability to them separately.
"Only when they are satisfied with that plan can we reach an agreement at the staff level. This is not a straightforward process. We have been able to end the round of discussion effectively despite these difficulties," Wickremesinghe said.
He said Sri Lanka's economy is currently shrinking and the government was trying to reverse it.
"According to central bank statistics, our current economic growth rate is between negative four and negative five. According to IMF statistics, it is between negative six and negative seven. This is a serious situation," he said.
"By 2025, our aim is to create a surplus in the primary budget. Our effort is to raise the economic growth rate to a stable level. Our expectation is to establish a stable economic base by 2026," he said.
"It will take till 2026 to go back to the 2018 level. If we make a determined journey along this road map, we can achieve an economic growth rate of negative one by the end of 2023, he said.
He said the total debt burden of the government at the end of 2021 was Rs 17.5 trillion and by March 2022 it has increased to Rs 21.6 trillion.
The Prime Minister also presented the roadmap with proposed solutions to the existing economic problem. He said it was important to stabilise the rupee as soon as possible and strengthen the rupee without letting it fall.
"We have implemented a plan to limit the printing of money in the future. In 2023, we will have to print money with restrictions on several occasions. But by the end of 2024, it is our intention to stop printing money completely." Wickremesinghe said that Sri Lanka's inflation by the year end would be over 50 per cent. "Our plan is to control inflation. By the end of this year, inflation will rise to 60%. This is mainly due to the increase in the prices of goods in the world and the fall in the value of the rupee," he said.
He said the government aims to reduce the inflation rate to between 4 and 6 per cent by 2025.
The inflation in the month of June as measured by the Colombo Consumer Price Index (CCPI) was 54.6 per cent up from 39 per cent in May, it was announced last week.
"Another top priority for us is to protect the banking and financial system, he said.
"We will have to restructure the Electricity Board, Ceylon Petroleum Corporation and Srilankan Airlines, he said.
Tuesday's Parliament session had to be suspended for ten minutes due to a tense situation which erupted in Parliament when Opposition MPs started shouting slogans against President Gotabaya Rajapaksa and displayed posters "Gota Go home" when Wickremesinghe was making a statement on the progress of the IMF talks.
President Rajapaksa, who was present in the House to attend sessions, left the chamber after the session was suspended.
The country, with an acute foreign currency crisis that resulted in foreign debt default, had announced in April that it is suspending nearly USD 7 billion foreign debt repayment due for this year out of about USD 25 billion due through 2026.
Sri Lanka's total foreign debt stands at USD 51 billion.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 05 2022 | 6:35 PM IST
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Making it happen: implementing the FHWA restructuring plan.
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Business Restructuring in Yemen
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Corporate Restructuring Listed Companies Regulatory Framework & Strategies
Author pavan-kumar-vijay
Embed Size (px) 344 x 292 429 x 357 514 x 422 599 x 487
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This presentation enumerates the practical aspects of merger, demerger and reduction of capital and the strategies involved therein. It also highlights certain key issues involved in corporate restructuring.
Text of Corporate Restructuring Listed Companies Regulatory Framework & Strategies
CORPORATE CORPORATE RESTRUCTURINGRESTRUCTURING
Listed Companies: RegulatoryRegulatory framework & framework & StrategiesStrategies
Pavan Kumar Vijay
GOVERNING PROVISION
SECTION 391-394 of Companies Act, 1956SECTION 391-394 of Companies Act, 1956
Most liberal sections in the entire
Companies Act, 1956.
By way of SCHEME you can
propose & achieve whatever you want
TYPES OF RESTRUCTURING
Reduction of CapitalReduction of Capital
RESTRUCTURING
BIFRHigh Court
Approving AuthoritiesApproving Authorities
“Combining of two or more commercial organizations into one in order to increase efficiency and sometimes to avoid competition”.
REVERSE MERGER
“As a commercial term, it means when a Healthy Company (in terms of size, capital or listing status)is merging in a Weak Company (in terms of size, or unlisted)”.
SECTION 391-394 of Companies Act, 1956
DEMERGER“Division of a Company with two
or more identifiable business units into two or more separate
companies ”
SECTION – 2(19AA) of Income Tax Act, 1961.
“Extinguishing or Reducing the paid-up capital, Securities
Premium Account or liability of members with respect to their
unpaid calls”
-AN EFFECTIVE WAY OF INTERNAL RESTRUCTURING
REDUCTION OF CAPITAL
SECTION – 100 – 105 of Companies Act, 1956
SECTION 100 to 105 of Companies Act, 1956
A FEW VARIETY OF MERGER
Unlisted with Listed
Listed with Unlisted
Merger of Subsidiary with Holding Company
Merger with Group Company
Healthy Company with Weak Company
Merger through BIFR
STOCK EXCHANGE’S ROLE
REQUIREMENTSREQUIREMENTS
PERSPECTIVE PERSPECTIVE
Listing Agreement CompliancesListing Agreement Compliances
Stock Exchange Internal NormsStock Exchange Internal Norms
ObservationsObservations
Compliance of Securities lawsCompliance of Securities laws
Compliance of Companies ActCompliance of Companies Act
Listing Agreement Compliances
“The Company agrees that it shall file any scheme/petition proposed to be filed before any Court or Tribunal under Sections 391, 394 and 101 of the Companies Act, 1956, with the stock exchange, for approval, at least a month before it is presented to the
Court or Tribunal.”
Clause 24(f)Clause 24(f)
Clause 24(a)Clause 24(a)
“Company to obtain ‘in-principle’ approval for listing from the exchanges
having nationwide trading terminals where it is listed, before issuing shares or other
securities to the shareholders of Transferor Company.”
Listing Agreement Compliances.. Contd.
Clause 40AClause 40A
“Company to comply with Continuous Listing requirements while framing a
scheme of merger/demerger.”
Stock Exchange’s Norms
Presently, Stock Exchange(s) are laying various other norms before giving approval to
the Companies
‘Merger’, ‘Demerger’ ‘Reduction of Capital’
Stock Exchange Norms...contd.
MINIMUM CAPITAL REQUIREMENTS
1. Issued & paid up Equity Capital – Rs 10 crores
(if there is a change in management/control)
Issued & paid up Equity Capital – Rs 3 crores(If there is no change in management/control)
2. Minimum Net Worth – 20 crores(Post amalgamation)
*BSE Stipulations
CONTINUOUS LISTING NORMS(Transferee Co is Listed Co. & Transferor Co is Unlisted Co.)
Non- Promoter Holding – 25% of Post -merger Capital
* (The entire holding of the shareholders of the transferor company be excluded)
If Non- Promoter Holding – Falls below 25% of Post merger capital, then the Promoters have to dilute excess portion.
LOCK IN REQUIRMENTS
“25% of the newly issued capital pursuant to the scheme of amalgamation should be kept under lock in for 3 yrs from the date of
“The lock in period are varied by the stock exchange on case to case basis”
Compliance of Other Laws
“The Stock Exchange(s) alongside considers the compliance of
Securities laws, regulations, rules etc. applicable on the Company
and Companies Act also”
Compliance of Other laws..contd.
SEBI (SAST)REGULATIONS ,1997Regulation 3(1)(j)(ii) provides an exemption for
acquisition of shares:
“Nothing contained in regulations 10, 11 and 12 of these regulations shall apply to shares
Pursuant to a scheme :
(ii) of arrangement or reconstruction including amalgamation or merger or demerger under any law or regulation, Indian or foreign;”
•Valuations Analysis
•No undue benefit to Promoters /
Particular group
•Investors interest not to be affected
•Back door Entry for listing
•Change in Management/Control
Whether application under Clause 24(f) of the Listing Agreements is an approval or information?
Whether no communication from Stock Exchange within 1 month amounts to approval?
Whether Merger without approval under Clause 24(f) of the Listing Agreement is valid considering that the High Court approved the same?
Whether varied lock in period stipulations imposed by Stock exchange are valid?
What are the repercussions in case the promoter’s shareholding goes beyond 75% of the post amalgamation capital?
Whether a Suspended Company is eligible to obtain in principle approval from stock exchange?
Whether Shares placed to QIB's in an Unlisted Company prior to merger will be counted in the post merger non -promoter shareholding of a Listed Company?
MERGER THROUGH BIFR MERGER THROUGH BIFR
AN EFFECTIVE
SICK COMPANY
EXEMPTION FROM TAKEOVER CODE
Regulation 3(1)(j) of SAST Regulations, 1997 provides that:
Nothing contained in Regulation 10, 11 & 12 shall applies to acquisition:
j) Pursuant to a scheme :
(i) framed under section 18 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986);
ja) Exemption to restructuring under Securitization law
(Change in mgt by the secured creditors)
EXEMPTION FROM CL40A OF LISTING AGREEMENT
Clause 40A as amended on 13th April, 2006 gives exemption to BIFR referred companies:
The Non-Promoters’ shareholding can be below 25% of the total capital of the company
pursuant to BIFR Order in any rehabilitation scheme.
DEMERGERDEMERGER
Reliance Natural Resources Ltd
Reliance Capital Ventures Ltd
TYPES OF DEMERGER
Listed Company demerging into two companies (both could be listed).
Listed Company is demerged into two companies and another unlisted entity is merging with the one of the demerged entity.
Distribution of shareholding in a Wholly owned Subsidiary among shareholders
1. At least 10 % of securities was offered to the public through advertisement & following conditions were fulfilled:
(a) minimum 20 lakh securities was offered to the public;
(b) the size of the offer to the public ≤ Rs. 100 crores ; and
(c) the issue was made only through book building withallocation of 60 % of the issue size to QIBs
Or2. It shall offer at least 25 % of each class to the public through
Advertisement & Shares applied in pursuance of such offer were allotted
CONDITION FOR LISTING(Rule 19 (2) (b) of SCR Rules)
EXEMPTION FROM CONDITION OF RULE 19 (2) (b)
Listed Company merging with Unlisted Company.
Demerger of a Listed Company, the Resultant Company to get the benefit of listing.
LISTING UNDER CL. 8.3.5.1 OF SEBI (DIP) GUIDELINES
CONDITIONS FOR AVAILING EXEMPTION
Shares have been allotted by the unlisted company (transferee-company) to the holders of securities of a listed company (transferor-company) pursuant to a scheme of reconstruction or amalgamation under the provision of the Companies Act, 1956, and such scheme has been sanctioned by the High Court/s of Judicature.
At least 25% of the paid-up share capital, post scheme, of the unlisted transferee-company seeking listing comprises shares allotted to the public holders of shares in the listed transferor-Company.
Listing under Cl. 8.3.5.1 of DIP Guidelines
Listing under Cl. 8.3.5.1 of DIP Guidelines Cont….
The unlisted company has not issued/reissued any shares, not covered under the scheme.
There are no outstanding warrants /instruments/ agreements which gives to any person to take the shares in the unlisted transferee company at any future date.
That the shares of the transferee-company issued in lieu of the locked-in-shares of the transferor-company are subjected to the lock-in for the remaining period.
Promoters’ shares shall be locked-in to the extent of 20% of the post merger paid-up capital of the unlisted company, for a period of 3 years from the date of listing of the shares of the unlisted company.
The balance of the entire pre-merger capital of the unlisted company shall also be locked-in for a period of 3 years from the date of listing of the shares of the unlisted company.
Whether Demerger & Merger are possible in one scheme?
One of the pre - condition of Inter-se transfer is transferor & transferee should be holding shares for three years. What is the status of shares held in the Resultant Company? Whether the three years condition will be deemed to be fulfilled in case the transferee & transferor are holding shares since last 3 years in the demerged company?
REDUCTION OF CAPITAL REDUCTION OF CAPITAL
Types of Reduction of CapitalTypes of Reduction of Capital
Writing off Losses & Fictitious Assets
Correction of Over- Capitalization
Distinguishment of the Liability in respect of unpaid portion of face
Distribution of accumulated profits by Payment to shareholders a part of
share capital.
Reduction of Capital- A Strategic Step
To Clean-up the Balance Sheet
To rationalize the capital base
Revival of Sick Company
RESTRUCTURING STRATEGIESRESTRUCTURING STRATEGIES
What's Your
LISTING (Without offer to Public)
FEW STRATEGIC MOVESFEW STRATEGIC MOVES
Strategy II
RAISING PROMOTERS’ HOLDING
(Beyond 55%)
Strategy III
ACQUISITION OF LISTED CO.
(Exemption from Takeover Code)
Strategy IV
INCREASEING THE
(Without raising Capital)
FEW STRATEGIC MOVES...contd.FEW STRATEGIC MOVES...contd.
LISTING LISTING
Direct listing is costly & complicated
But Listing of Company provides for…..
Unlocking value of business
Brings liquidity
Attract investors for further growth
Strategy IA
LISTING THROUGH MERGER
Small/loss making listed companies are selected by unlisted strong companies
Unlisted company is merged with listed company with maximum possible shares to
promoters of unlisted Company
Promoters of Unlisted Company get shares in a listed entity
Strategy IB
Acquisition of Regional Listed Company(RSE)
Merger of financially sound unlisted co with
Now your Company is ready
for Listing
INDONEXT LISTINGINDONEXT LISTING
DIRECT LISTING DIRECT LISTING
Strategy IIStrategy II RAISING PROMOTERS’ HOLDING
Revised provisions of SEBI Takeover Code does not allow promoters to acquire even a
single share beyond 55%
Specific exemption to Merger/Demerger
An Unlisted company is created by Promoters
This entity is merged with listed company
Promoters’ holding is raised up to 75%
Strategy IIIStrategy III ACQUISITION OF LISTED COMPANY
SEBI Takeover Code does not allow acquisition of shares of a listed company beyond 15% or Change in
Control by any outsider without a PA Specific exemption to Merger/Demerger
An Unlisted company is created by Acquirer
This company is merged with listed company
Acquirers’ holding may go up to 75% of increased capital base
The Management may also change.
Strategy IVStrategy IV INCREASING THE RESOURCES
Basic purpose of merger is to Synergy of Resources, but the it also increases the capital base
High capital base make servicing of capital difficult
Proposed transferee company acquires shares in transferor company
Companies are merged
Crossholdings get cancelled
Resources got clubbed, capital base remain low. Effectively , increases EPS.
Restructuring offers tremendous opportunities for companies to grow &
add value to the shareholders
It unlocks the true potential of the company
It is a Strategy for Growth & Expansion
It also helps in Cleaning up & create Synergy of Resources
To sum up……
It is the Company Secretary in the organisation who has to take proactive steps
“From suggesting roadmap to the Company
till its implementation”
& to achieve the underlined
objectives of Restructuring
Thanks a lot…
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