{"id":11527,"date":"2025-09-11T11:58:01","date_gmt":"2025-09-11T11:58:01","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=11527"},"modified":"2026-04-15T11:35:26","modified_gmt":"2026-04-15T11:35:26","slug":"what-happens-to-unlisted-shares-during-a-company-merger-or-acquisition","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/what-happens-to-unlisted-shares-during-a-company-merger-or-acquisition\/","title":{"rendered":"What Happens to Unlisted Shares During a Company Merger or Acquisition?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">When a merger or acquisition involves an <\/span><b>unlisted share<\/b><span style=\"font-weight: 400;\">, the journey of that share right from ownership, valuation to post-merger rights, all this is tightly governed by regulations set by SEBI, RBI, and the Companies Act. Here\u2019s how the process unfolds for shareholders.<\/span><\/p>\n<h2><b>Regulatory Framework and Due Diligence<\/b><\/h2>\n<p><b>SEBI\u2019s oversight<\/b><span style=\"font-weight: 400;\"> ensures that mergers involving listed and unlisted entities maintain market integrity and protect shareholders. Key requirements include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Shareholding thresholds<\/b><span style=\"font-weight: 400;\">: When an unlisted company merges with a listed one, the resulting entity must ensure that public shareholders of the listed company plus Qualified Institutional Buyers of the unlisted company hold <\/span><b>at least 25%<\/b><span style=\"font-weight: 400;\"> on a fully diluted basis.<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lock-in conditions<\/b><span style=\"font-weight: 400;\">: If an unlisted company becomes listed post-merger, <\/span><b>promoter shares up to 20%<\/b><span style=\"font-weight: 400;\"> of the paid-up capital are locked-in for <\/span><b>3 years<\/b><span style=\"font-weight: 400;\">, and the remaining pre-merger share capital is locked-in for <\/span><b>1 year<\/b><span style=\"font-weight: 400;\">.<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Documentation and approvals<\/b><span style=\"font-weight: 400;\">: Schemes of arrangement must include valuation reports by registered valuers, fairness opinions, audited financials, and detailed compliance reports. These are scrutinized by SEBI before court filing.<\/span>&nbsp;<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><b>RBI Valuation Guidelines for Transfer of Unlisted Shares<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Transfers of <\/span><a href=\"https:\/\/www.incredmoney.com\/unlisted-shares\"><b>unlisted shares<\/b><\/a><span style=\"font-weight: 400;\">, especially in FDI or cross-border mergers require fair valuation using the <\/span><b>Discounted Cash Flow (DCF)<\/b><span style=\"font-weight: 400;\"> method, performed by a SEBI-registered Category I Merchant Banker or a Chartered Accountant. This ensures transfer prices are aligned with fair value, avoiding manipulation.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>What Shareholders Can Expect<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Share Conversion<\/b><span style=\"font-weight: 400;\">: In mergers or acquisitions, your <\/span><a href=\"https:\/\/www.incredmoney.com\/unlisted-shares\"><b>unlisted shares<\/b><\/a><span style=\"font-weight: 400;\"> may convert into shares of the acquiring entity, depending on the agreed exchange ratio and valuation.<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lock-in Periods<\/b><span style=\"font-weight: 400;\">: If your unlisted company now becomes listed post-merger, your shares may be subject to mandatory lock-ins as defined above.<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regulatory Clearance<\/b><span style=\"font-weight: 400;\">: SEBI\u2019s approval of the scheme is essential to ensure fair treatment of shareholders and compliance with minimum shareholding norms.<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Value Determination<\/b><span style=\"font-weight: 400;\">: Especially for non-resident transfers or cross-border deals, valuation must follow DCF guidelines, ensuring fair compensation.<\/span>&nbsp;<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><b>Summary Table: What Shareholders Need to Know<\/b><\/h2>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" data-sheets-root=\"1\" data-sheets-baot=\"1\">\n<colgroup>\n<col width=\"129\" \/>\n<col width=\"529\" \/><\/colgroup>\n<tbody>\n<tr>\n<td><strong>Aspect<\/strong><\/td>\n<td><strong>What to Expect<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Valuation Method<\/td>\n<td>Must use DCF by approved professionals for fair price determination.<\/td>\n<\/tr>\n<tr>\n<td>Share Lock-in<\/td>\n<td>Promoters: 20% for 3 years; others: balance for 1 year if unlisted entity lists post-merger.<\/td>\n<\/tr>\n<tr>\n<td>Shareholding Norms<\/td>\n<td>Public + QIB shareholding must be \u2265 25% on fully diluted basis.<\/td>\n<\/tr>\n<tr>\n<td>Approval Process<\/td>\n<td>Requires detailed disclosures, valuations, fairness opinions, and SEBI observations.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h2><b>Final Thoughts<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">When you hold an <\/span><a href=\"https:\/\/www.incredmoney.com\/unlisted-shares\"><b>unlisted share<\/b><\/a><span style=\"font-weight: 400;\"> and your company merges or is acquired, your share may:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Convert into shares of the new entity,<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Be subject to regulatory lock-ins,<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Be valued via rigorous, regulated methods,<\/span>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">And become listed, depending on structural outcomes.<\/span>&nbsp;<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">All of this unfolds under SEBI\u2019s and RBI\u2019s watchful eyes to ensure fairness and transparency. For <\/span><a href=\"https:\/\/www.incredmoney.com\/unlisted-shares\"><b>unlisted share<\/b><\/a><span style=\"font-weight: 400;\"> holders, understanding these rules helps you anticipate your rights, timelines, and value expectations.\u00a0<\/span><\/p>\n<h3><b>Sources<\/b><\/h3>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.mondaq.com\/india\/shareholders\/577526\/revised-sebi-guidelines-for-schemes-of-arrangements-by-listed-entities?utm_source=chatgpt.com\"><span style=\"font-weight: 400;\">Mondaq \u2013 Revised SEBI Guidelines for Schemes of Arrangements by Listed Entities<\/span><\/a>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/taxguru.in\/sebi\/sebi-master-circular-scheme-arrangement-relaxation-rules.html?utm_source=chatgpt.com\"><span style=\"font-weight: 400;\">TaxGuru \u2013 SEBI Master Circular on Scheme of Arrangement &amp; Relaxation Rules<\/span><\/a>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.irccl.in\/post\/in-the-web-of-listed-and-unlisted-companies-merger?utm_source=chatgpt.com\"><span style=\"font-weight: 400;\">IRCCl \u2013 In the Web of Listed and Unlisted Companies Merger<\/span><\/a>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.nishithdesai.com\/SectionCategory\/33\/M%26A-Hotline\/12\/59\/MAHotline\/5672\/2.html?utm_source=chatgpt.com\"><span style=\"font-weight: 400;\">Nishith Desai Associates \u2013 SEBI\u2019s Merger &amp; Acquisition Guidelines<\/span><\/a>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.mondaq.com\/india\/inward-foreign-investment\/101960\/rbi-revises-pricing-guidelines-applicable-to-equity-transfers-between-indian-residents-and-non-residents?utm_source=chatgpt.com\"><span style=\"font-weight: 400;\">Mondaq \u2013 RBI Revises Pricing Guidelines Applicable to Equity Transfers Between Residents and Non-Residents<\/span><\/a>&nbsp;<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/affairscloud.com\/market-regulator-sebi-tightens-mergers-acquisitions-norms-among-unlisted-firms\/?utm_source=chatgpt.com\"><span style=\"font-weight: 400;\">AffairsCloud \u2013 SEBI Tightens Merger &amp; Acquisition Norms Among Unlisted Firms<\/span><\/a>&nbsp;<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When a merger or acquisition involves an unlisted share, the journey of that share right from ownership, valuation to post-merger rights, all this is tightly governed by regulations set by SEBI, RBI, and the Companies Act. Here\u2019s how the process unfolds for shareholders. Regulatory Framework and Due Diligence SEBI\u2019s oversight ensures that mergers involving listed [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":11528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[31,29],"tags":[],"class_list":["post-11527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","category-unlisted-shares"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Happens to Unlisted Shares During a Company Merger or Acquisition? - InCred Money<\/title>\n<meta name=\"description\" content=\"Learn how SEBI and RBI regulate mergers involving unlisted shares \u2014 from valuation and shareholding norms to lock-in conditions and approvals, ensuring fairness and transparency for shareholder\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/what-happens-to-unlisted-shares-during-a-company-merger-or-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Happens to Unlisted Shares During a Company Merger or Acquisition? 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