Tender offer buy-back procedure sets record date, entitlement rules, escrow security, and stock exchange-based settlement requirements.

Buy-back by tender offer requires a record date, dispatch of the letter of offer and tender form, participation by eligible shareholders even without receipt of the form, prescribed offer timelines, stock exchange-based tendering and settlement, entitlement-based acceptance, and separate treatment of small shareholders and other shareholders. The regulations also prescribe an escrow mechanism with permitted forms of security, validity and realisation rules, an additional cash deposit where escrow is partly non-cash, release after completion of buy-back formalities, and possible forfeiture for non-fulfilment of obligations.

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