Exit price determination requires the highest of acquisition, market or negotiated valuation measures for dissenting shareholders. Exit price for dissenting shareholders is the highest of: the volume-weighted average acquisition price over fifty-two weeks by promoters or persons acting in concert; the highest acquisition price over twenty-six weeks by such persons; the sixty trading day volume-weighted average market price on the recognised exchange with maximum volume when shares are frequently traded; and, for non frequently traded shares, a price determined by promoters or controlling shareholders with the merchant banker based on valuation parameters including book value and comparable multiples.