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Consolidation of holdings.

..... ON OF SHARES AND TAKEOVERS) REGULATIONS, 1997 - Regulation 11 - 11. (1) No acquirer who, together with persons acting in concert with him, has acquired, in accordance with the provisions of law, 1[15 per cent or more but less than 2[fifty five per cent (55%)]] of the shares or voting rights in a company, shall acquire, either by himself or through or with persons acting in concert with him, additional shares or voting rights entitling him to exercise more than 3[5% of the voting rights],4[ with post acquisition shareholding or voting rights not exceeding fifty five per cent.,] 5[in any financial year ending on 31st March] unless such acquirer makes a public announcement to acquire shares in accordance with the regulations. 6[(2) No acquirer .....

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..... ough bulk deal /block deal/ negotiated deal/ preferential allotment; or the increase in the shareholding or voting rights of the acquirer is pursuant to a buy back of shares by the target company; (ii) the post acquisition shareholding of the acquirer together with persons acting in concert with him shall not increase beyond seventy five per cent.(75%).] 11[***] 12[(2A) Where an acquirer who (together with persons acting in concert with him) holds fifty-five per cent (55%) or more but less than seventy-five per cent (75%) of the shares or voting rights in a target company, is desirous of consolidating his holding while ensuring that the public shareholding in the target company does not fall below the minimum level permitted by the Listing .....

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..... ition of 15[***] companies, whether listed or unlisted, whether in India or abroad. - Notes:- 1. Substituted for "not less than 10% but not more than 51%" by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 1998, w.e.f. 28-10-98. 2. Substituted for 75% by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2005, w.e.f. 3-1-2005. 3. Substituted for 10% of the voting rights by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 1-10-2002. Earlier it was substituted for 5% of the voting rights by the SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2001, w.e.f. 24-10-2001. 4. Inse .....

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..... res and Takeovers) (Amendment) Regulations, 2008, w.e.f. 31-10-2008. 10. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2009, w.e.f. 6-11-2009. 11. Omitted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2006, w.e.f. 26-5-2006. Prior to its omission, provisos and explanation as amended by the SEBI (Substantial Acquisition of Shares and Takeovers) Amendment Regulations, 2005, w.e.f. 3-1-2005 and SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 1998, w.e.f. 28-10-1998 read as under: Provided that no acquirer shall acquire shares or voting rights, through market purchases and preferential allotment pursuant to a resoluti .....

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..... pose of listing on continuous basis, may acquire such shares or voting rights, only in accordance with the guidelines or regulations regarding delisting of securities specified by the Board: Provided that, the provisions of this sub-regulation shall not apply in case of acquisition by virtue of global arrangement which may result in indirect acquisition of shares or voting rights or control of the target company. 13. The word only omitted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2008, w.e.f. 31-10-2008. 14. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2001, w.e.f. 17-8-2001. 15. The word holding omitted by the SEBI (Substantial Acquisition of Sh .....

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