A Public Limited Company is a company that has limited liability and its shares can be freely traded and sold to the public and in the case of private limited company there comes a restriction imposed by the Ministry of Corporate Affairs (MCA).
In order to have the conversion from a Private Limited Company to the Public Limited Company, the necessary prerequisite of at least 3 directors, 7 shareholders and a paid-up capital of Rs 5 lakhs under the complete governance of Companies Act 2013.