Streamlining the Process for Acquisition of Shares pursuant to Tender-Offers made for Takeovers, Buy Back and Delisting of Securities.

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....treamlining the Process for Acquisition of Shares pursuant to Tender-Offers made for Takeovers, Buy Back and Delisting of Securities. 1. SEBI had issued circular No. CIR/CFD/POLICY CELL/1/2015 dated April 13, 2015 on Mechanism for acquisition of shares through stock exchange mechanism pursuant to tender-offers for the purpose of takeovers, buy back and delisting of securities. 2. In the curren....

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....n for the accepted shares in the tender offer and shares tendered but not accepted under such offer would be credited directly to shareholders' bank and demat accounts respectively. 4. The aforesaid measures will reduce the systematic risk for investors and ease the process of implementation. 5. The procedural aspects for tendering and settlement of shares under the revised system are spec....

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....tegory "Legal framework". Yours faithfully, Amit Tandon Deputy General Manager +91-22-26449373 [email protected] ANNEXURE Amendments to Procedure for tendering and settlement of shares through Stock Exchange 1. Amendment to Procedure for Placing of Orders and Basis of Acceptance. 1.1 The clause (h) and (i) shall be substituted with the following: h. "The securities pay-....

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....oviding acquisition window during the tendering period on the basis of shares transferred to CC using early pay-in mechanism." 2. Amendment to Procedure for Execution of trades and settlement 2.1 The clause (l) and (m) shall be substituted with the following: l. "Once the basis of acceptance is finalised, CC would transfer unaccepted shares directly to the shareholders account. If the securi....