Explain the provision relating to 'Discovered Price' under the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.

Regulation 20 of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 deals with discovered Price. It states that: After fixation of the floor price under sub-regulation (2), the discovered price shall be determined through the reverse book building process in the manner specified in Schedule II of these regulations, and the Manager to the offer shall disclose the same in the detailed public announcement and the letter of offer. The floor price shall be determined in terms of Regulation 8 of SEBI Takeover Regulations as may be applicable. The reference date for computing the floor price would be the date on which the recognized stock exchange(s) was required to be notified of the board meeting in which the delisting proposal was considered and approved. The acquirer shall have the option to provide an indicative price in respect of the delisting offer, which shall be higher than the floor price calculated in terms of sub-regulation (2). The acquirer shall also have the option to revise the indicative price upwards before the start of the bidding period and the same shall be duly disclosed to the shareholders. The acquirer may, if it deems fit, pay a price higher than the discovered price determined in terms of sub regulation (1).