Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2021 - SEBI/LAD-NRO/GN/2021/60 - SEBI
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Delisting via open offer: acquirer may seek delisting if intention is declared upfront and regulatory conditions are met. Amendments permit an acquirer who announces an open offer to also make a delisting offer if the intention is declared upfront; eligible acquirers must not be promoters, persons in control, associated with promoters, or holders above specified thresholds, and must disclose both the open offer price and an indicative delisting price (with rationale and minimum book value). If the delisting threshold is met, tendering shareholders receive the indicative price; if not, they receive the open offer price. Failed delisting, competing offers, withdrawal rights, further delisting attempts when non public holdings exceed limits, scale down options to retain listing, and related disclosure and timing rules are provided.
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.
Delisting via open offer: acquirer may seek delisting if intention is declared upfront and regulatory conditions are met.
Amendments permit an acquirer who announces an open offer to also make a delisting offer if the intention is declared upfront; eligible acquirers must not be promoters, persons in control, associated with promoters, or holders above specified thresholds, and must disclose both the open offer price and an indicative delisting price (with rationale and minimum book value). If the delisting threshold is met, tendering shareholders receive the indicative price; if not, they receive the open offer price. Failed delisting, competing offers, withdrawal rights, further delisting attempts when non public holdings exceed limits, scale down options to retain listing, and related disclosure and timing rules are provided.
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