I think the period is 3 years for reducing it to 75%. I remember it being the case with Dmart and only by Mar 2020 Dmart met this (IPO in Mar '17). Dmart shares got absorbed by FIIs during that time. There’s possibility of same happening here as FIIs tend to like retail-focused businesses with a big TAM. Their risk-free rate and the business longevity makes their cost of equity much lower which makes them bid these businesses up.
As for locked shares, only the promoters shares are locked now
The institutional holding by Kotak and SBI are likely post IPO.
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