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<h1>Successful Equity Share Delisting Requires Acquirer and Public Shareholder Bids to Reach 90% Under SEBI 2021 Rules</h1> An offer or counter offer for delisting equity shares under SEBI's 2021 regulations is successful if the acquirer's post-offer shareholding, combined with public shareholders' accepted bids at the discovered or counter offer price, reaches 90% of the total issued shares of that class. This excludes shares held by custodians for overseas depository receipts, trusts for employee benefit schemes, and inactive shareholders such as vanishing or struck-off companies. Inactive shareholders are determined based on the date of in-principle approval from the Stock Exchange, as certified by a Peer Review Company Secretary.