Timing of the public announcement of offer.

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....tion 10 or regulation 11 shall be made by the merchant banker not later than four working days of entering into an agreement for acquisition of shares or voting rights or deciding to acquire shares or voting rights exceeding the respective percentage specified therein: 1[Provided that in case of disinvestment of a Public Sector Undertaking, the public announcement shall be made by the merchant ba....

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....all be made not later than four working days before he acquires voting rights on such securities upon conversion, or exercise of option, as the case may be 3[:] 4[Provided that in case of American Depository Receipts or Global Depository Receipts entitling the holder thereof to exercise voting rights in excess of percentage specified in regulation 10 or regulation 11, on the shares underlying suc....