Home Acts & Rules SEBI Regulation Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021. Chapters List Chapter IV EXIT OPPORTUNITY This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Regulation 21 - Minimum number of equity shares to be acquired - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.Extract Minimum number of equity shares to be acquired 21 . An offer made under Chapter III of these regulations or a counter offer made by the acquirer in terms of sub-regulation (4) of regulation 22 of these regulations, as the case may be, shall be deemed to be successful if,- (a) the post offer shareholding of the acquirer, along with the shares tendered / offered by public shareholders accepted as eligible bids at the discovered price or the counter offer price, as the case may be, reaches ninety percent of the total issued shares of that class excluding the following: (iv) shares held by custodian(s) against which depository receipts have been issued overseas; (v) shares held by a Trust set up for implementing an Employee Benefit scheme under the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014; (vi) shares held by inactive shareholders such as vanishing companies and struck off companies, shares transferred to the Investor Education and Protection Fund s account and shares held in terms of sub-regulation (4) of regulation 39 read with Schedule VI of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015: Provided that such shareholders shall be certified by the Peer Review Company Secretary appointed by the Board of Directors of the company for due-diligence. Explanation,- The cut-off date for determination of inactive shareholders shall be the date on which the in-principle approval of the Stock Exchange is received, which shall be adequately disclosed in the public announcement.
|