Offer for Sale mechanism: revised exchange procedures for promoter share disposals ensuring allocation rules and investor protection measures. The circular establishes an exchange based Offer For Sale (OFS) mechanism for promoters, defining eligible sellers and buyers, a 12 week pre and post offer trading restriction, announcement and floor price procedures, a single day trading window, limit order only bidding, choice of allocation by Single Clearing Price or Multiple Clearing Prices, reserved institutional allocation, 100% cash pay in requirements for non institutional bidders, seller share pay in prior to offer, trade for trade next day settlement, and specified default and withdrawal rules.
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Offer for Sale mechanism: revised exchange procedures for promoter share disposals ensuring allocation rules and investor protection measures.
The circular establishes an exchange based Offer For Sale (OFS) mechanism for promoters, defining eligible sellers and buyers, a 12 week pre and post offer trading restriction, announcement and floor price procedures, a single day trading window, limit order only bidding, choice of allocation by Single Clearing Price or Multiple Clearing Prices, reserved institutional allocation, 100% cash pay in requirements for non institutional bidders, seller share pay in prior to offer, trade for trade next day settlement, and specified default and withdrawal rules.
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