Shareholder participation in book building: public shareholders may bid, with promoters barred and DR holders eligible only after exchange.

Public shareholders of equity proposed for delisting are entitled to participate in the book building process per Schedule II. An acquirer or promoter, and persons acting in concert with promoters, are prohibited from making bids in the offer, and the merchant banker must ensure compliance. Holders of depository receipts and custodians are generally not entitled to participate, but holders may participate after exchanging depository receipts for the underlying shares proposed to be delisted.

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