Interpretative circular under regulation 5 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 - Applicability of provisions of regulation 11 (2) thereof, as amended on October 30, 2008

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.... Finance Department Division of Corporate Restructuring Phone: +91 22 26449350 (D), Email: [email protected] CFD/DCR/TO/Cir-01/2009/06/08 August 6, 2009 To All Registered Merchant Bankers / Stock Exchanges Dear Sirs, Sub: Interpretative circular under regulation 5 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation....

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....tional shares entitling him to exercise voting rights or voting rights therein, unless he makes a public announcement to acquire shares in accordance with these Regulations: Provided that ........................................ Provided further that such acquirer may, without making a public announcement under these Regulations, acquire, either by himself or through or with pers....

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....ty five per cent (55 %) or more but less than seventy five per cent (75 %) of the shares or voting rights in a target company, may acquire (either by himself or through or with persons acting in concert with him) additional shares or voting rights entitling him up to five per cent (5 %) voting rights in the target company without making a public announcement under the SAST Regulations. 3. SEBI ....

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....t (5 %) voting rights in the target company in one or more tranches, without any restriction on the time-frame within which the same can be acquired; c. The aforesaid acquisition of five per cent (5 %) shall be calculated by aggregating all purchases, without netting the sales. d. Consequent to such acquisition, the percentage of shareholding / voting rights of the acquirer, toge....