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Tendering of shares in open offers, buybacks and delisting offers by marking lien in the demat account of the shareholders. - SEBI - SEBI/HO/CFD/DCR-III/CIR/P/2021/615

Extract

..... ned the process for acquisition of shares pursuant to tender offers made pursuant to open offers, buy back offers and delisting of securities. 2. Under the existing mechanism, the shares tendered by the shareholders are required to be directly transferred to the account maintained by the clearing corporation and different tendering processes are being adopted by Depositories. Such transfer involves systematic risk, substantial time and cost. 3. In consultation with Depositories, Clearing Corporations and Stock Exchanges, it has been decided that a lien shall be marked against the shares of the shareholders participating in the tender offers. Upon finalization of the entitlement, only accepted quantity of shares shall be debited from the dem .....

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Tendering of shares in open offers, buybacks and delisting offers by marking lien in the demat account of the shareholders. - SEBI

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..... g Corporation Finance Department Email ID: venkateshwarlut@sebi.gov.in Phone +91-22-26449223 Annexure Amendments to procedure for tendering and settlement of shares through Stock Exchange a) Changes in respect of Intra Depository - Tender Offer Instructions (within Depository): i) The lien shall be marked in the depository system by the Depositories in the Beneficial Owner’s Demat Account for the shares offered in tender offers. ii) Details of shares marked as lien in clients’ demat account shall be provided by respective Depositories to Clearing Corporations (CC). iii) Details in respect of shareholder’s entitlement for tender offer process shall be provided to CCs by Issuer / Registrar to an Issue and Share Transfer Agen .....

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Tendering of shares in open offers, buybacks and delisting offers by marking lien in the demat account of the shareholders. - SEBI

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..... from shareholder’s block balance to free balance. The CC, if any, shall be processed by source Depository and any increase in quantity or substitute ISIN shall be communicated to target depository in IDT message. vi) Post completion of tendering period and receiving the requisite details viz., demat account details and accepted bid quantity in respect of receiving entitlement details of securities of tender offer from CC, source depository shall debit the securities as per the communication/message received from target Depository to the extent of accepted bid quantity from shareholder’s blocked balance and credit it to CC settlement account in target Depository on settlement date. vii) All extra quantity of shares which are not .....

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Tendering of shares in open offers, buybacks and delisting offers by marking lien in the demat account of the shareholders. - SEBI

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