Presently, prior to a listed Indian company filing a scheme (Scheme) before the High Court for merger/de-merger/amalgamation/reduction of capital (Reconstruction) under the Companies Act, 1956 (Companies Act), it is required to first submit the Scheme to the stock exchange for approval. Upon successful completion of the Reconstruction, the company must ensure that at least 25% of its post-issue capital is offered and allotted to the public.