Buy back disclosure obligations strengthened: mandatory disclosure of subsisting obligations and prescribed treatment for promoter non participation in offers. Amendments require exclusion of shares held by any promoter/promoter group member who declares non participation when computing the entitlement ratio, change certain references from 'record date' to 'date of public announcement,' and expand disclosure obligations to mandate publication of relevant details and the potential impact of any subsisting obligations (including conversions under warrants, stock options, sweat equity or conversion of preference shares or debentures). The Letter of Offer must state entitlement ratios for small and general shareholders and provide a registrar web link for entitlement verification.
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Buy back disclosure obligations strengthened: mandatory disclosure of subsisting obligations and prescribed treatment for promoter non participation in offers.
Amendments require exclusion of shares held by any promoter/promoter group member who declares non participation when computing the entitlement ratio, change certain references from "record date" to "date of public announcement," and expand disclosure obligations to mandate publication of relevant details and the potential impact of any subsisting obligations (including conversions under warrants, stock options, sweat equity or conversion of preference shares or debentures). The Letter of Offer must state entitlement ratios for small and general shareholders and provide a registrar web link for entitlement verification.
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