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 22 - Option to accept or reject the discovered price or counter offer - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.Extract Option to accept or reject the discovered price or counter offer 22. (1) The acquirer shall be bound to accept the equity shares tendered or offered in the delisting offer, if the discovered price determined through the reverse book building process is equal to the floor price or the indicative price, if any, offered by the acquirer. (2) The acquirer shall be bound to accept the equity shares, at the indicative price, if any offered by the acquirer, even if the price determined through the reverse book building process is higher than the floor price but less than the indicative price. (3) Nothing contained in sub-regulation (1) and (2) shall apply, if the discovered price is higher than the indicative price. (4) In case the discovered price is not acceptable to the acquirer, a counter offer may be made by the acquirer to the public shareholders within two working days of the closure of bidding period and thereafter, the acquirer shall ensure compliance with the provisions of these regulations in accordance with the timelines provided in Schedule IV of these regulations. (5) The counter offer price shall not be less than the book value of the company as certified by the Manager to the offer. Explanation, - For the purpose of sub-regulation (5), the book value shall be computed on the basis of both consolidated and standalone financial statements of the company as per the latest quarterly financial results filed by the company on the recognized stock exchange(s) as on the date of public announcement for counter offer, and the higher of the values so computed shall be treated as the book value.
|