{"id":212046,"date":"2019-03-14T18:00:47","date_gmt":"2019-03-14T12:30:47","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=212046"},"modified":"2019-03-15T15:03:48","modified_gmt":"2019-03-15T09:33:48","slug":"sebi-delisting-of-equity-shares-regulations-2015-timelines-for-counter-offer-process","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/14\/sebi-delisting-of-equity-shares-regulations-2015-timelines-for-counter-offer-process\/","title":{"rendered":"SEBI  (Delisting  of  Equity  Shares)  Regulations,  2015 \u2013\u201cTimelines for  Counter Offer Process&#8221;"},"content":{"rendered":"<ul>\n<li>SEBI (Delisting of Equity Shares) Regulations, 2015 has been amended to allow promoter(s)\/acquirer(s) to make \u201cCounter offer\u201d, in case price discovered through reverse book building is not acceptable to the promoter(s) \/acquirer(s).<\/li>\n<li>\n<div>In order to implement the \u201c<strong>Counter offer\u201dprocess and to provide the framework,the\u201cTimelines for Counter Offer Process\u201d<\/strong>is enclosed.<\/div>\n<\/li>\n<li>\n<div>Further, public announcement of counter offer shall also disclose the book value per share of the company.<\/div>\n<\/li>\n<li>\n<div>Letter of offer for counter offer shall be in the abridged form containing the relevant details pertaining to the counter offer inter-alia including details of the counter offer,activity schedule etc.<\/div>\n<\/li>\n<li>\n<div>This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992.<\/div>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<table style=\"height: 1538px;\" width=\"792\">\n<tbody>\n<tr>\n<td width=\"205\">\n<p style=\"text-align: center;\"><strong>S. No.<\/strong><\/p>\n<p style=\"text-align: center;\">\n<\/td>\n<td style=\"text-align: center;\" width=\"205\"><strong>Activity<\/strong><\/p>\n<p>&nbsp;<\/td>\n<td style=\"text-align: center;\" width=\"205\"><strong>Timelines<\/strong><\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr style=\"text-align: justify;\">\n<td width=\"205\">\n<p style=\"text-align: center;\">1.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/td>\n<td width=\"205\">&nbsp;<\/p>\n<p style=\"text-align: center;\">Public announcement (PA) of Counteroffer by Promoter(s)\/Acquirer(s)\u00a0\u00a0 through\u00a0\u00a0 stock\u00a0\u00a0 exchange mechanism<\/p>\n<\/td>\n<td style=\"text-align: center;\" width=\"205\">Within\u00a0 2\u00a0 working\u00a0 days\u00a0 from the\u00a0\u00a0\u00a0 date of closure\u00a0 of Reverse Book Building (RBB) bidding process<\/td>\n<\/tr>\n<tr style=\"text-align: justify;\">\n<td width=\"205\">\n<p style=\"text-align: center;\">2.<\/p>\n<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Publication\u00a0\u00a0 of\u00a0\u00a0 Counter\u00a0\u00a0 offer\u00a0\u00a0 PA\u00a0\u00a0 in\u00a0\u00a0 the\u00a0\u00a0 same newspapers where original RBB PA was made<\/p>\n<p>&nbsp;<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Within\u00a0\u00a0 four\u00a0\u00a0 working\u00a0\u00a0 days from the closure of the RBB bidding process<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr style=\"text-align: justify;\">\n<td width=\"205\">\n<p style=\"text-align: center;\">3.<\/p>\n<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Option\u00a0 to\u00a0 withdraw\u00a0 the\u00a0 shares\u00a0 tendered\u00a0 during\u00a0 the RBB process<\/p>\n<p>&nbsp;<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Within\u00a0\u00a0\u00a0 ten\u00a0\u00a0\u00a0 working\u00a0\u00a0\u00a0 days from the counter offer PA<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr style=\"text-align: justify;\">\n<td width=\"205\">\n<p style=\"text-align: center;\">4.<\/p>\n<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Dispatch of \u201cLetter of offer for counter offer\u201d<\/p>\n<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Within\u00a0\u00a0 four\u00a0\u00a0 working\u00a0\u00a0 days from the closure of the RBB bidding process<\/p>\n<p style=\"text-align: center;\">\n<\/td>\n<\/tr>\n<tr style=\"text-align: justify;\">\n<td width=\"205\">\n<p style=\"text-align: center;\">5.<\/p>\n<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Opening of Counter offer bidding process<\/p>\n<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Not later than seven working days from the date of public announcement<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr style=\"text-align: justify;\">\n<td width=\"205\">\n<p style=\"text-align: center;\">6.<\/p>\n<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Closing of Counter offer bidding process<\/p>\n<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Counter\u00a0 offer\u00a0 bidding open for five working days<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr style=\"text-align: justify;\">\n<td width=\"205\">\n<p style=\"text-align: center;\">7.<\/p>\n<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Public announcement\u00a0 of\u00a0 success\/failure\u00a0 of\u00a0 Counter offer \u00a0 in\u00a0\u00a0 the\u00a0\u00a0 same newspaper\u00a0\u00a0 in\u00a0\u00a0 which\u00a0\u00a0 public announcement under sub-regulation (1) of regulation 10 was made<\/p>\n<p>&nbsp;<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Not\u00a0 later\u00a0 than five working days\u00a0 of\u00a0 the\u00a0 closing\u00a0 of\u00a0 the counter offer bidding process<\/p>\n<p style=\"text-align: center;\">\n<\/td>\n<\/tr>\n<tr style=\"text-align: justify;\">\n<td width=\"205\">\n<p style=\"text-align: center;\">8.<\/p>\n<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Payment\u00a0\u00a0 of\u00a0\u00a0 consideration\u00a0\u00a0 and\u00a0\u00a0 return\u00a0\u00a0 of\u00a0\u00a0 equity shares<\/p>\n<p style=\"text-align: center;\">\n<\/td>\n<td width=\"205\">\n<p style=\"text-align: center;\">Not\u00a0 later\u00a0 than\u00a0 ten\u00a0 working days\u00a0\u00a0 from\u00a0\u00a0 the\u00a0\u00a0 closing\u00a0\u00a0 of counter offer<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Circular Dated: 13-03-2019<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>SEBI<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEBI (Delisting of Equity Shares) Regulations, 2015 has been amended to allow promoter(s)\/acquirer(s) to make \u201cCounter offer\u201d, in case price discovered through <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,2],"tags":[34374],"class_list":["post-212046","post","type-post","status-publish","format-standard","hentry","category-business_news","category-news","tag-counter-offer-process"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI (Delisting of Equity Shares) Regulations, 2015 \u2013\u201cTimelines for Counter Offer Process&quot; | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Mahalingam, (Whole Time Member) disposed of the application allowing exemption from the Takeover Regulations, 2011 when the proposed acquisition was not prejudicial to the public shareholding. An application seeking exemption from the applicability of, Regulations 3, 4 and 5 of the Securities\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":257596,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/23\/sebi-exception-granted-for-gifting-shares-in-an-acquisition-proposed-acquirer-to-file-report-within-21-days-post-acquisition\/","url_meta":{"origin":212046,"position":4},"title":"SEBI | Exception granted for gifting shares in an acquisition| Proposed acquirer to file report within 21 days post-acquisition","author":"Editor","date":"November 23, 2021","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): S.K. Mohanty, Whole Time Member, while deciding an order, granted exemption to the Anived Family Trust (Proposed Acquirer) from complying with the requirements of Regulation 3(2) of the Takeover Regulations, 2011 with respect to the proposed direct acquisition in the, Renaissance Global Limited\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":231114,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/19\/delisting-vedanta-from-stock-exchange-might-be-less-cozier-than-it-seems\/","url_meta":{"origin":212046,"position":5},"title":"Delisting Vedanta from Stock Exchange might be less cozier than it seems","author":"Bhumika Indulia","date":"June 19, 2020","format":false,"excerpt":"by Prateek Gupta & Samanvi Narang*","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/vedanta.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/vedanta.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/vedanta.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/vedanta.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/06\/vedanta.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/212046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=212046"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/212046\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=212046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=212046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=212046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}