Minimum public offer requirement requires acquirers to make a substantial public offer and preserve minimum public shareholding. Regulation 21 requires the acquirer to make a public offer for a prescribed minimum portion of voting capital or, where applicable, a lesser percentage that enables, upon full subscription, achievement of the maximum holding consistent with maintaining required public shareholding under the Listing Agreement. The letter of offer must state the option available. Post-offer voting rights are computed at a specified post-closure date. Oversubscriptions must be accepted proportionally in consultation with the merchant banker, ensuring fair allocation and protection of marketable lots, and the acquirer must take steps to restore public shareholding levels if they fall below Listing Agreement requirements.