Regulation 3 - Substantial acquisition of shares or voting rights

Substantial acquisition of shares triggers mandatory open offers when control thresholds are crossed, subject to specific statutory exemptions.

Substantial acquisition of shares or voting rights triggers a mandatory public announcement of an open offer when an acquirer, alone or together with persons acting in concert, reaches or exceeds the twenty five per cent voting rights threshold (forty nine per cent for Innovators Growth Platform). An acquirer holding at or above that threshold but below the maximum permissible non public shareholding may not acquire within a financial year additional voting rights exceeding five per cent without making an open offer; gross acquisitions and pre/post allotment differences for new issues determine the quantum of acquisition, and specific statutory exemptions apply including Chapter VI A issuances and approved insolvency resolution plans.