The Board of Directors of Mystique Enterprises Ltd. wants to buy-back the shares of the company through Book Building procedure. Explain the offer procedure to be followed by the company.

A company may buy-back its shares or other specified securities from its existing securities holders through the book building process. In case Mystique Enterprises Ltd. wants to buy-back the shares of the company through Book Building, the offer procedure for the same is prescribed under Regulation 22B of the SEBI (Buy-Back of Securities) Regulations, 2018, which is as follows: The company making the buy-back offer shall disclose the maximum buy-back price, being the upper end of the price range, as approved by the Board of Directors of the company or its shareholders, as the case may be and the book value of the shares or other specified securities of the company. The company shall publish the offer opening announcement on the date of commencement of the buy-back. In case of frequently traded securities, the lower end of the price range shall not be less than the higher of: the closing price of the securities of the company on the date of the Notice as specified in Schedule- VI to the Regulations; and the volume weighted average market price of the shares or other specified securities of the company in the fifteen trading days prior to the date of the intimation of the meeting of the Board of Directors approving the buy-back. In case of infrequently traded securities, the lower end of the price range shall not be less than the price of the securities of the company determined on the basis of the report of a registered valuer. The buy-back price shall depend upon the price discovered through the bids received from the shareholders within the price range.