Counter offer timelines clarified under delisting rules, specifying announcement, bidding, withdrawal and payment deadlines. SEBI prescribes a structured Counter offer process when RBB price is unacceptable, requiring disclosure of book value per share and an abridged letter of offer. Timelines: counter offer PA within two working days of RBB closure and republished within four working days; dispatch of letter of offer within four working days; bidding to open within seven working days and remain open for five working days; withdrawal option within ten working days of counter offer PA; success/failure announcement within five working days of bidding closure; payment or return of shares within ten working days of closing.
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Provisions expressly mentioned in the judgment/order text.
Counter offer timelines clarified under delisting rules, specifying announcement, bidding, withdrawal and payment deadlines.
SEBI prescribes a structured Counter offer process when RBB price is unacceptable, requiring disclosure of book value per share and an abridged letter of offer. Timelines: counter offer PA within two working days of RBB closure and republished within four working days; dispatch of letter of offer within four working days; bidding to open within seven working days and remain open for five working days; withdrawal option within ten working days of counter offer PA; success/failure announcement within five working days of bidding closure; payment or return of shares within ten working days of closing.
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