TMI BlogOffer procedureX X X X Extracts X X X X X X X X Extracts X X X X ..... cordance with the provisions of the Companies Act, within two working days from the record date and that in the case of receipt of a request from any shareholder to receive a copy of the letter of offer in physical form, the same shall be provided. ] (iii) Even if an eligible public shareholder does not receive the tender offer/offer form, he may participate in the buy-back offer and tender shares in the manner as provided by the Board. (iv) An unregistered shareholder may also tender his shares for buy-back by submitting the duly executed transfer deed for transfer of shares in his name, along with the offer form and other relevant documents as required for transfer, if any. (v) The date of the opening of the offer shall be not l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry and thereafter from securities holders who have tendered over and above their entitlement in other category. (xi) Escrow account (a) The company shall, 5 [ within two working days of the public announcement ] as and by way of security for performance of its obligations under the regulations, 6 [ ****** ] , deposit in an escrow account such sum as specified in clause (b); (b) The escrow amount shall be payable in the following manner: (i) if the consideration payable does not exceed ₹ 100 crores; 25 per cent of the consideration payable; (ii) if the consideration payable exceeds ₹ 100 crores; 25 per cent upto ₹ 100 crores and 10 per cent thereafter. (c) The escrow account referred to in this regulat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of all obligations under these regulations. ] (f) The company shall, in case the escrow account consists of securities, empower the merchant banker to realise the value of such escrow account by sale or otherwise and if there is any deficit on realisation of the value of the securities, the merchant banker shall be liable to make good any such deficit. (g) In case the escrow account consists of 12 [ ***** ] approved securities, these shall not be returned by the merchant banker till completion of all obligations under the regulations. 13 [ (h) Where part of the escrow account is in a form other than cash, the company shall deposit with a scheduled commercial bank, in cash, a sum of not less than two and half per cent of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cordance with the provisions of the Companies Act. (b) On receipt of a request from any shareholder to receive a copy of the letter of offer in physical form, the same shall be provided. (c) The aforesaid shall be disclosed in the letter of offer. 3. Substituted 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 before it was read as:- five working days from the date of dispatch of the letter of offer. 4. Substituted 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 before it was read as:- ten 5. Inserted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the date of their publication in the Official Gazette before it was read as:- thirty days after the expiry of buy-back period 12. Omitted 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 before it was read as:- bank guarantee or 13. Substituted 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 before it was read as:- (h) Where the escrow account consists of bank guarantee or deposit of approved securities, the company shall also deposit with the bank in cash a sum of at least one per cent of the total con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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