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Voluntary Offer
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....se twenty-five per cent or more but less than the maximum permissible non-public shareholding, shall be entitled to voluntarily make a public announcement of an open offer for acquiring shares in accordance with these regulations, subject to their aggregate shareholding after completion of the open offer not exceeding the maximum permissible non-public shareholding: Provided that where an acqui....
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....fter completion of the open offer except pursuant to another voluntary open offer: Provided that such restriction shall not prohibit the acquirer from making a competing offer upon any other person making an open offer for acquiring shares of the target company. (3) Shares acquired through bonus issue or stock splits shall not be considered for purposes of the dis-entitlement set out in this....