Timelines for counter offer ensure prompt announcement, bidding, disclosure, payment and share release under delisting rules.

The Schedule prescribes a time-bound sequence for counter offer procedures after reverse book building: public announcement and newspaper publication of the counter offer; dispatch of the letter of offer; opening and closing of the counter offer bidding process; an option to withdraw shares tendered during reverse book building; public announcement of success or failure; timing for payment of consideration or secondary market settlement; and release of equity shares on announcement of the counter offer outcome.

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