Regulation 20 - Discovered price - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.

Discovered price 20 . (1) After fixation of the floor price 1 [ in terms of regulation 19A of these regulations ] , the discovered price shall be determined through the reverse book building process in the manner specified in Schedule II of these regulations 2 [ and shall be disclosed ] in the detailed public announcement and the letter of offer 3 [ by the Manager of the offer ] . 4 [ **** ] (4) The acquirer shall have the option to provide an indicative price in respect of the delisting offer, which shall be higher than the floor price calculated in terms of 5 [ regulation 19A of these regulations ] . (5) The acquirer shall also have the option to revise the indicative price upwards before the start of the bidding period and the same shall be duly disclosed to the shareholders. (6) The acquirer may, if it deems fit, pay a price higher than the discovered price determined in terms of sub-regulation (1). *************** NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/206 dated 25-09-2024 w.e.f. (For Additional Condition See this Notification ) before it was read as, under sub-regulation (2) 2. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/206 dated 25-09-2024 w.e.f. (For Additional Condition See this Notification ) before it was read as, , and the Manager to the offer shall disclose the same 3. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/206 dated 25-09-2024 w.e.f. (For Additional Condition See this Notification ) 4. Omitted vide Notification No. SEBI/LAD-NRO/GN/2024/206 dated 25-09-2024 w.e.f. (For Additional Condition See this Notification ) before it was read as, (2) The floor price shall be determined in terms of regulation 8 of Takeover Regulations as may be applicable. (3) The reference date for computing the floor price would be the date on which the recognized stock exchange(s) was required to be notified of the board meeting in which the delisting proposal was considered and approved. 5. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/206 dated 25-09-2024 w.e.f. (For Additional Condition See this Notification ) before it was read as, sub-regulation (2)