SEBI (Delisting of Equity Shares) Reg. 2015: Timelines for Counter Offer

SEBI Circular No. SEBI/HO/CFD/DCR2/CIR/P/2019/35 dated March 13, 2019 —

1. SEBI (Delisting of Equity Shares) Regulations, 2015 has been amended to allow promoter(s) / acquirer(s) to make “Counter offer”, in case price discovered through reverse book building is not acceptable to the promoter(s) / acquirer(s).

2. In order to implement the “Counter offer” process and to provide the framework, the “Timelines for Counter Offer Process” is enclosed as per Annexure – A.

3. Further, public announcement of counter offer shall also disclose the book value per share of the company.

4. Letter of offer for counter offer shall be in the abridged form containing the relevant details pertaining to the counter offer inter-alia including details of the counter offer, activity schedule etc.

5. This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992.

6. This circular is available on SEBI website at at “Legal Framework→ Circulars”.

Annexure – A

SEBI (Delisting of Equity Shares) Regulations, 2015 - Timelines for Counter offer

SEBI (Delisting of Equity Shares) Regulations, 2015 - Timelines for Counter offer

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