Open offer implementation allowed pending approval when notice is filed and acquirer refrains from exercising ownership rights. Provision permits an open offer or acquisition through a series of transactions on a regulated stock exchange to come into effect if the acquirer files ... Summary
Open offer implementation allowed pending approval when notice is filed and acquirer refrains from exercising ownership rights.
Provision permits an open offer or acquisition through a series of transactions on a regulated stock exchange to come into effect if the acquirer files the required notice with the Commission as prescribed by regulations and refrains from exercising ownership or beneficial rights, including voting and receipt of dividends, in the shares or convertible securities until the Commission approves the acquisition, with "open offer" defined by reference to SEBI takeover regulations.
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