TMI BlogMechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and DelistingX X X X Extracts X X X X X X X X Extracts X X X X ..... , 2011 (hereinafter referred to as Takeover Regulations ), SEBI(Delisting of Equity Shares) Regulations, 2009 (hereinafter referred to as Delisting Regulations ) were amended vide notification dated March 24, 2015 to facilitate tendering of shares by the shareholders and settlement of the same, through the stock exchange mechanism as specified by the Board. 2. After due deliberations and consultations with the market participants, the procedure for tendering and settlement of shares through stock exchange is specified in Annexure-1. 3. Applicability a. This circular shall be applicable to all the offers for which Public Announcement is made on or after July 01, 2015. b. For all impending offers, acquirer/ promoter/ company s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ION WINDOW a. The facility for acquisition of shares through Stock Exchange mechanism pursuant to offer shall be available on the Stock Exchanges having nationwide trading terminals in the form of a separate window(the Acquisition Window ). b. The acquirer or company may choose to use the Acquisition Window provided by more than one Stock Exchange having nationwide trading terminal and in that case, one of the exchanges shall be chosen as the Designated Stock Exchange (DSE). c. The Recognised Stock Exchanges having nationwide trading terminals shall also facilitate acquirers to provide the platform in case of companies exclusively listed on Recognised Regional Stock Exchanges. d. In case of competing offers under Regulation 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eptance j. In case of offer under Takeover Regulations, the Merchant Banker to the offer shall finalise the basis of acceptance of the shares depending upon the level of acceptances received in the offer. k. In case of offer under Buy Back Regulations, the company is required to announce a Record Date for the purpose of determining the entitlement and the names of the security holders who are eligible to participate in the proposed Buy-Back. Based on this information, eligible shareholders can tender shares in the Buy-Back using the Acquisition Window of the Stock Exchanges through selling brokers. However, reconciliation for acceptances shall be conducted by the Merchant banker and the Registrar to the offer after closing of the Off ..... X X X X Extracts X X X X X X X X Extracts X X X X
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