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of <h1>Open offers must cover 26% of shares; adjust if shares increase. Regulation 6 allows 10% more voting rights.</h1> The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, mandates that an open offer by an acquirer and persons acting in concert must cover at least 26% of the target company's shares. If the total shares increase unexpectedly during the offer period, the offer size must adjust proportionately. For offers under regulation 6, the acquisition should allow for an additional 10% voting rights but not exceed the maximum permissible non-public shareholding. If shareholding exceeds this limit post-offer, it must be reduced to comply with the Securities Contract (Regulation) Rules, 1957. Open offers must be extended to all shareholders, excluding the acquirer and related parties.
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