Description

Lock-in details for 3.62 crore equity shares of Midwest Limited following IPO listing, with various lock-in periods ranging from 30 days to 3 years.

Summary

Midwest Limited has listed 3,61,60,816 equity shares on BSE with specified lock-in periods effective from October 20, 2025. The shares include promoter holdings, AIF Category II investments, anchor investor allocations, and public IPO shares with varying lock-in dates ranging from 30 days to 3 years.

Key Points

  • Total equity shares listed: 3,61,60,816 (all in demat form)
  • 53,54,774 shares locked-in until April 23, 2026
  • 9,38,967 shares (Svadha AIF) locked-in until April 23, 2026
  • 1,69,82,500 shares locked-in until April 23, 2026
  • 72,40,000 shares locked-in until October 13, 2025
  • 14,08,851 shares (Svadha AIF Category II) not under lock-in as per SEBI regulations
  • 6,33,802 anchor investor shares locked-in for 30 days until November 18, 2025
  • 6,33,803 anchor investor shares locked-in for 90 days until January 17, 2026
  • 29,68,119 shares from IPO public offering not under lock-in
  • Date of prospectus: October 17, 2025

Regulatory Changes

No regulatory changes introduced. The circular implements existing SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, specifically:

  • Regulation 17(c) exempting AIF Category II holdings from mandatory lock-in
  • Standard anchor investor lock-in requirements (30 days and 90 days)
  • Promoter lock-in requirements as per IPO regulations

Compliance Requirements

  • Midwest Limited must maintain lock-in restrictions as specified in the prospectus (page 110-111)
  • Locked-in shares cannot be transferred or sold until respective lock-in expiry dates
  • Company Secretary Rohit Tibrewal (Membership No. A31385) responsible for compliance monitoring
  • All shares held in dematerialized form as required
  • Svadha India Emerging Opportunities Scheme 1 must maintain its AIF Category II registration status for lock-in exemption applicability

Important Dates

  • October 20, 2025: Lock-in commencement date
  • October 13, 2025: Lock-in expiry for 72,40,000 shares (already expired)
  • November 18, 2025: 30-day anchor investor lock-in expiry (6,33,802 shares)
  • January 17, 2026: 90-day anchor investor lock-in expiry (6,33,803 shares)
  • April 23, 2026: Lock-in expiry for 2,33,76,241 shares (multiple tranches)
  • October 23, 2028: Extended lock-in expiry for certain holdings
  • October 17, 2025: Prospectus date

Impact Assessment

Market Liquidity: Approximately 91.79% of listed shares (3,31,92,697 out of 3,61,60,816) are under various lock-in periods, significantly limiting immediate tradable float. Only 29,68,119 public IPO shares and 14,08,851 AIF shares are freely tradable from listing date.

Investor Impact: Anchor investors face short-term restrictions (30-90 days), while promoters and strategic investors have longer lock-ins (6 months to 3 years), indicating long-term commitment.

Compliance Impact: Standard post-IPO compliance with no unusual restrictions. The AIF Category II exemption for 14,08,851 shares provides additional liquidity.

Operational Impact: Company must maintain detailed lock-in registers and ensure depository systems reflect accurate lock-in flags for restricted shares.

Impact Justification

Standard IPO listing with lock-in requirements affecting 3.62 crore shares; impacts immediate liquidity but follows regulatory norms