Interpretative circular under regulation 5 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 - Applicability of provisions of regulation 11 (2) thereof, as amended on October 30, 2008
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Exemption for limited share acquisitions: controlling holders may acquire a small additional stake without public offer, subject to market conditions. An acquirer who, together with persons acting in concert, holds a controlling majority but is below the takeover threshold may acquire a limited additional stake without a public announcement, provided such acquisition is through open market normal segment purchases or pursuant to a buyback, excludes bulk/block/negotiated/preferential deals, is aggregated across purchases without netting sales, may occur in one or more tranches without time restriction, and must not result in the acquirer's combined shareholding exceeding the regulatory upper shareholding cap.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption for limited share acquisitions: controlling holders may acquire a small additional stake without public offer, subject to market conditions.
An acquirer who, together with persons acting in concert, holds a controlling majority but is below the takeover threshold may acquire a limited additional stake without a public announcement, provided such acquisition is through open market normal segment purchases or pursuant to a buyback, excludes bulk/block/negotiated/preferential deals, is aggregated across purchases without netting sales, may occur in one or more tranches without time restriction, and must not result in the acquirer's combined shareholding exceeding the regulatory upper shareholding cap.
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