An open offer for acquiring shares once made shall not be withdrawn except under specified circumstances under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 201

In the event of withdrawal of the open offer, the acquirer shall through the manager to the open offer, within two working days: (a) make an announcement in the same newspapers in which the public announcement of the open offer was published, providing the grounds and reasons for withdrawal of the open offer. (b) simultaneously with the announcement inform in writing to SEBI, all the stock exchanges on which the shares of the target company are listed, and the stock exchanges shall forthwith disseminate such information to the public and the target company at its registered office.