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<h1>Private and Unlisted Companies' Buy-Back Offers: Key Timelines and Proportionate Acceptance Rules Explained.</h1> The offer procedure for buy-back of securities by private limited and unlisted public limited companies requires that the letter of offer be dispatched within 21 days after filing with the Registrar of Companies. The buy-back offer must remain open for at least 15 days and no more than 30 days. If shareholders offer more shares than the company intends to buy back, acceptance will be proportionate. The company must verify the offers within 15 days after the offer closes, and shares are considered accepted unless rejected within 21 days from the closure of the offer.