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of <h1>Acquirers with 25%+ shareholding may announce voluntary open offer, subject to limits; restrictions apply post-offer period.</h1> An acquirer holding 25% or more but less than the maximum permissible non-public shareholding in a target company can voluntarily announce an open offer to acquire additional shares, provided their total shareholding does not exceed the permissible limit. If the acquirer has acquired shares in the past 52 weeks without triggering a mandatory open offer, they cannot make a voluntary offer. During the offer period, shares can only be acquired through the open offer. Post-offer, no shares can be acquired for six months unless through another voluntary offer. Shares from bonus issues or stock splits are excluded from these restrictions. For entities on the Innovators Growth Platform, the threshold is 49%.
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