Acquisition window mechanism enables stock exchange tendering and clearing for takeover, buyback and delisting offers under prescribed procedures. The circular establishes an Acquisition Window on recognised stock exchanges for tendering and settlement of shares in takeovers, buybacks and delisting offers (applicable to Public Announcements on or after July 01, 2015). Acquirers appoint registered brokers, buyers place orders at tender opening, sellers place sell orders during trading hours, and tendered shares must be transferred to a special clearing corporation account prior to bidding. The Merchant Banker finalises the basis of acceptance; the clearing corporation executes settlement by transferring accepted shares to escrow, replicating secondary market settlement, with prescribed disclosures and procedures for physical and locked in shares.
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.
Acquisition window mechanism enables stock exchange tendering and clearing for takeover, buyback and delisting offers under prescribed procedures.
The circular establishes an Acquisition Window on recognised stock exchanges for tendering and settlement of shares in takeovers, buybacks and delisting offers (applicable to Public Announcements on or after July 01, 2015). Acquirers appoint registered brokers, buyers place orders at tender opening, sellers place sell orders during trading hours, and tendered shares must be transferred to a special clearing corporation account prior to bidding. The Merchant Banker finalises the basis of acceptance; the clearing corporation executes settlement by transferring accepted shares to escrow, replicating secondary market settlement, with prescribed disclosures and procedures for physical and locked in shares.
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