Explain the Modes of Payment to the shareholders of the Target Company on acquisition of shares by the acquirer under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

As per regulation 9 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the offer price may be paid, in cash; by issue, exchange or transfer of listed shares in the equity share capital of the acquirer or of any person acting in concert; by issue, exchange or transfer of listed secured debt instruments issued by the acquirer or any person acting in concert with a rating not inferior to investment grade as rated by a credit rating agency registered with the SEBI; by issue, exchange or transfer of convertible debt securities entitling the holder thereof to acquire listed shares in the equity share capital of the acquirer or of any person acting in concert; or a combination of the mode of payment of consideration stated in clause (a), clause (b), clause (c) and clause (d).