Home Acts & Rules SEBI Regulation Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 Chapters List Chapter IV BUY-BACK FROM THE OPEN MARKET This
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Regulation 22B - Offer procedure - Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018Extract 1 [Offer procedure: 22B (i) The company making the buy-back offer shall disclose the maximum buy-back price, being the upper end of the price range, as approved by the Board of Directors of the company or its shareholders, as the case may be and the book value of the shares or other specified securities of the company. (ii) The company shall publish the offer opening announcement on the date of commencement of the buy-back. (iii) In case of frequently traded securities, the lower end of the price range shall not be less than the higher of: (a) the closing price of the securities of the company on the date of the Notice as specified in Schedule- VI ; and (b) the volume weighted average market price of the shares or other specified securities of the company in the fifteen trading days prior to the date of the intimation of the meeting of the Board of Directors approving the buy-back. (iv) In case of infrequently traded securities, the lower end of the price range shall not be less than the price of the securities of the company determined on the basis of the report of a registered valuer. (v) The buy-back price shall depend upon the price discovered through the bids received from the shareholders within the price range. ] ************ Notes; 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/120 dated 07-02-2023 , w.e.f. thirtieth day from the date of their publication in the Official Gazette
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