Insertion of Proviso after sub-regulation (2) of regulation 3: SEBI has allowed the acquisition pursuant to preferential issue of equity shares beyond five per cent but up to ten per cent of the voting rights in the target company for the financial year 2020 – 21 by the promoter, who has acquired and holds twenty five per cent or more of the voting rights in the target company, without making a public announcement of an open offer for acquiring shares of such target company.

Relaxation from the first proviso of sub – regulation (1) of regulation 6 till March 31, 2021: SEBI has allowed the making of public announcement of Voluntary open offer by acquirer, who holds twenty five per cent or more of the voting rights in the target company, even if he has acquired shares of the target company in the preceding fifty – two weeks without attracting the obligation to make a public announcement of an open offer.

 

Effective date: June 16, 2002

 

Source: Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2020


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