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Minimum number of shares to be acquired.

ON OF SHARES AND TAKEOVERS) REGULATIONS, 1997 - Regulation 21 - 21. 1[(1) The public offer made by the acquirer to the shareholders of the target company shall be for a minimum twenty per cent of the voting capital of the company:] 2[***] 3[(2) If the acquisition made in pursuance of a public offer results in the public shareholding in the target company being reduced below the minimum level required as per the Listing Agreement, the acquirer shall take necessary steps to facilitate compliance of the target company with the relevant provisions thereof, within the time period mentioned therein.] 4[(3) Where the public offer is made under sub-regulation (2A) of regulation 11 the minimum size of the public offer shall be the lesser of the foll .....

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ior to its substitution, sub-regulation (1) read as under: (1) The public offer shall be made to the shareholders of the target company to acquire from them an aggregate minimum of 20% of the voting capital of the company: Provided that where the open offer is made in pursuance to sub-regulation (2) of Regulation 11, the public offer shall be for such percentage of the voting capital of the company as maybe decided by the acquirer. 2. Proviso omitted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2006, w.e.f. 26-5-2006. Prior to its omission, proviso, as amended by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2005, dated 3-1-2005, read as under: Provided that whe .....

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blic shareholding in the target company. 4. Substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2006, w.e.f. 26-5-2006. Prior to its substitution, sub-regulation (3), as amended by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2005, dated 3-1-2005 and SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, dated 9-9-2002, read as under: (3) If consequent to the public offer made in pursuance of global arrangement referred to in proviso to sub-regulation (2A) of regulation 11, the public shareholding falls to a level below the limit specified in the Listing Agreement with the stock exchange for the purpose of listing on c .....

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