In a public issue, the equity shares and convertible debentures held by promoters are locked-in for the/period stipulated below:
1) Minimum promoters contribution is locked-in for a period of 3 years from the date of commencement of commercial production
date of allotment in the public issue, whichever is later.
2) Promoters’ holding in excess of minimum promoters’ contribution is locked-in for a period of 1 year.
However, excess promoters’ contribution in a further public offer is not subject to lock-in.