Offer price requirements govern payment modes and valuation for takeover offers, ensuring the highest applicable price applies. Regulation 20 mandates that takeover offers be made at a price not lower than the regulated benchmark and permits payment in cash, share exchange, rated secured instruments, or combinations. The offer price for frequently traded shares is the highest of the negotiated price, any price paid in the preceding twenty-six weeks, or specified market averages; infrequently traded shares require valuation using negotiated price, recent acquisition prices and financial parameters, with the Board empowered to require independent valuation. Special provisions cover disinvestment pricing, post-announcement higher acquisitions, non compete additions, valuation of acquirer securities, partly paid shares and disclosure in the letter of offer.