Book building process prescribes electronic bidding, escrow funding, final-price determination and specified settlement and disclosure procedures. The Schedule establishes a book building process through an electronically linked facility with at least thirty bidding centres and appointed trading members. Promoter must deposit escrow funds equal to estimated consideration based on the floor price. Security holders must deliver or pledge shares before bidding; offers retain an electronic audit trail. The final offer price is the price at which the maximum quantity is offered; the acquirer may accept that price and, if accepted, must take all offers up to and including it. Merchant bankers announce final price and acceptance, and funds and securities are settled via exchange/clearing corporation procedures. The process applies to dematerialised shares, with a post settlement mechanism for physical certificates.
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Provisions expressly mentioned in the judgment/order text.
Book building process prescribes electronic bidding, escrow funding, final-price determination and specified settlement and disclosure procedures.
The Schedule establishes a book building process through an electronically linked facility with at least thirty bidding centres and appointed trading members. Promoter must deposit escrow funds equal to estimated consideration based on the floor price. Security holders must deliver or pledge shares before bidding; offers retain an electronic audit trail. The final offer price is the price at which the maximum quantity is offered; the acquirer may accept that price and, if accepted, must take all offers up to and including it. Merchant bankers announce final price and acceptance, and funds and securities are settled via exchange/clearing corporation procedures. The process applies to dematerialised shares, with a post settlement mechanism for physical certificates.
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