What is a Voluntary Offer in acquiring shares in another company? State the restrictions in terms of SEBI (SAST) Regulations, 2011.

"Voluntary Open Offer" means Open Offer given by the acquirer voluntarily without triggering the mandatory Open Offer obligations as envisaged under SEBI (SAST) Regulations, 2011. Generally, the purpose of giving Voluntary Open Offer is to consolidate the shareholding. Regulation 6 of SEBI (SAST) Regulations, 2011 deals with the concept of Voluntary Open Offer and provides the eligibility, conditions and restrictions with respect to the same that are detailed below: Eligibility for making Voluntary Open Offer: Acquirer along with PACs should be holding at least 25% or more shares in the Target Company prior to making Voluntary Open Offer. The Acquirer or PACs have not acquired any shares of the Target Company in the preceding 52 weeks without attracting the Open Offer obligation. Restrictions: The acquirer becomes ineligible to acquire further shares for a period of six months after the completion of Open Offer except by way of: Another Voluntary Open Offer; Acquisitions by making a competing offer