Determination of offer price for minority share purchase requires a registered valuer's justified valuation report to the board. The registered valuer shall determine the offer price for purchase of minority equity shares and provide a valuation report to the board justifying the valuation. For listed companies the offer price is to follow the manner specified by the securities regulator, with a valuer's report. For unlisted and private companies the offer price must account for the acquirer's highest price paid in the prior twelve months and the fair price determined by the valuer using customary parameters (return on net worth, book value, EPS, price earnings multiple vis a vis industry averages) with a board-addressed justification.