What information should be given in the Public announcement under regulation 15 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
CS Professional · Secretarial Audit, Compliance Management and Due Diligence · PYQS · December 2017
What information should be given in the Public announcement under regulation 15 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Answer & Explanation:
(1) As per Regulation 15 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, The public announcement shall contain the following information along with such other information as may be specified,- (a) name and identity of the acquirer and persons acting in concert with him; (b) name and identity of the sellers, if any; (c) nature of the proposed acquisition such as purchase of shares or allotment of shares, or any other means of acquisition of shares or voting rights in, or control over the target company; (d) the consideration for the proposed acquisition that attracted the obligation to make an open offer for acquiring shares, and the price per share, if any; (e) the offer price, and mode of payment of consideration; and (f) offer size, and conditions as to minimum level of acceptances, if any. (2) The detailed public statement pursuant to the public announcement shall contain such information as may be specified in order to enable shareholders to make an informed decision with reference to the open offer. (3) The public announcement of the open offer, the detailed public statement, and any other statement, advertisement, circular, brochure, publicity material or letter of offer issued in relation to the acquisition of shares under these regulations shall not omit any relevant information, or contain any misleading information.
Topics: SEBI Regulations
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