Description

BSE circular detailing lock-in arrangements for 67.06 crore equity shares of Aequs Limited following their IPO listing on December 8, 2025.

Summary

BSE has listed equity shares of Aequs Limited with detailed lock-in arrangements for 67,06,65,635 equity shares. The company’s registered office is located in Bengaluru, Karnataka. Lock-in periods vary from 30 days to 3 years depending on shareholder category, with IPO public shares, ESOP shares, and certain AIF holdings not subject to lock-in restrictions.

Key Points

  • Total equity shares listed: 67,06,65,635 (all in demat form)
  • Promoter shares under lock-in: 14,59,42,023 shares locked until June 8, 2026
  • Major promoter block: 13,41,33,250 shares locked until December 8, 2028 (3-year lock-in)
  • Significant promoter holding: 25,80,13,045 shares locked until December 8, 2026
  • AIF Category II holdings: 3,73,53,171 shares not under lock-in
  • ESOP shares held by employees: 38,47,326 shares not under lock-in
  • ESOP Trust holdings: 1,58,11,500 shares not under lock-in
  • IPO public allocation: 2,03,07,393 shares not under lock-in
  • Anchor investor allocation (30-day lock-in): 1,66,90,131 shares locked until January 6, 2026
  • Anchor investor allocation (90-day lock-in): 1,66,90,131 shares locked until March 7, 2026
  • Prospectus date: December 5, 2025
  • Listing date: December 8, 2025

Regulatory Changes

This circular implements lock-in requirements as per Regulation 17(c) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The regulations specify different lock-in periods based on shareholder category and share acquisition timing.

Compliance Requirements

  • Aequs Limited must maintain lock-in restrictions on designated shares for specified periods
  • Alternative Investment Funds (AIF) holding shares as of December 5, 2025 are subject to lock-in until May 10, 2026 for certain holdings
  • Anchor investors must maintain lock-in for 30 days or 90 days as specified
  • Company Secretary Ravi Mallikarjun Hugar serves as Compliance Officer (Membership No.: A20823)
  • Detailed lock-in information provided on pages 137-139 of the company’s prospectus

Important Dates

  • December 5, 2025: Prospectus date (reference date for lock-in determination)
  • December 8, 2025: Listing date and start of lock-in periods
  • November 11, 2025: Lock-in end for 12,09,969 shares
  • January 6, 2026: 30-day anchor investor lock-in expires (1,66,90,131 shares)
  • March 7, 2026: 90-day anchor investor lock-in expires (1,66,90,131 shares)
  • May 10, 2026: AIF Category II lock-in expires (specific holdings)
  • June 8, 2026: First major promoter lock-in expires (14,59,42,023 shares)
  • December 8, 2026: Second promoter lock-in expires (25,80,13,045 shares)
  • December 8, 2028: Long-term promoter lock-in expires (13,41,33,250 shares)

Impact Assessment

Market Liquidity: Approximately 31% of total shares (20,37,22,458 shares) are not under lock-in and immediately tradable, providing reasonable liquidity. The remaining 69% are locked for varying periods.

Promoter Holdings: Significant promoter shares (53,80,88,318 shares, approximately 80% of total) are locked for periods ranging from 6 months to 3 years, ensuring promoter commitment and reducing immediate supply pressure.

Investor Confidence: Staggered lock-in expiry dates (from January 2026 to December 2028) prevent sudden supply shocks and support price stability.

ESOP Impact: 1,96,58,826 shares related to ESOP (employee holdings plus ESOP Trust) are not locked, providing flexibility for employee stock option programs.

Trading Implications: Investors should be aware that substantial share releases will occur at lock-in expiry dates, potentially affecting stock price and trading volumes on those dates.

Impact Justification

Standard IPO listing circular with lock-in details affecting promoter and investor shareholding. Important for shareholders to understand trading restrictions but routine compliance matter.