As per regulation 280 of SEBI (ICDR) Regulations, 2018 before making any further issue if post-issue face value capital of an issuer listed on a SME exchange is likely to increase beyond twenty five crore rupees the issuer shall migrate its specified securities listed on a SME exchange to the Main Board and seek listing of the specified securities proposed to be issued on the Main Board subject to the fulfilment of the eligibility criteria laid down by the Main Board. Before making Further issue the issuer has to pass special resolution and has to obtain in principal approval from the main board for listing. So, Issuer can not raise its capital beyond 25 Crores unless it has obtained principal approval from Main board. Hence it will be listed on SME exchange as its face value capital is up to Rs. 25 Crores.

Answer given by Shubhamm Sir at 13-Oct-2022 06:56 PM