Securities And Exchange Board Of India - Subsection
Section 280(2) in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
(2)Where the post-issue face value capital of an issuer listed on a SME exchange is likely to increase beyond twenty five crore rupees by virtue of any further issue of capital by the issuer by way of rights issue, preferential issue, bonus issue, etc. the issuer shall migrate its specified securities listed on a SME exchange to the Main Board and seek listing of the specified securities proposed to be issued on the Main Board subject to the fulfilment of the eligibility criteria for listing of specified securities laid down by the Main Board:Provided that no further issue of capital by the issuer shall be made unless -(a)the shareholders of the issuer have approved the migration by passing a special resolution through postal ballot wherein the votes cast by shareholders other than promoters in favour of the proposal amount to at least two times the number of votes cast by shareholders other than promoter shareholders against the proposal;(b)the issuer has obtained an in-principle approval from the Main Board for listing of its entire specified securities on it.
