Home Acts & Rules SEBI Regulation Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 Chapters List Chapter III OPEN OFFER PROCESS This
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Regulation 12 - Manager to the open offer - Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011Extract CHAPTER III OPEN OFFER PROCESS Manager to the open offer. 12. (1) Prior to making a public announcement, the acquirer shall appoint a merchant banker registered with the Board, who is not an associate of the acquirer, as the manager to the open offer. Explanation.- For the purposes of this regulation the term associate has the same meaning as in the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992. (2) The public announcement of the open offer for acquiring shares required under these regulations shall be made by the acquirer through such manager to the open offer.
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