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SEBI Amends De-listing, Buy-back & Takeover Regs!

Published on Wed, Mar 25,2015 | 19:18, Updated at Wed, Mar 25 at 21:23Source : 

Yesterday, SEBI amended the De-Listing regulations, Buy-back regulations and Takeover regulations. Below are some of the highlights of the amendments made by SEBI.

1) Changes by SEBI to De-Listing regulations

Need 25% 'public' participation in book-building unless company demonstrates offer sent to all shareholders
Amendments include Board & merchant banker scrutiny of past 2 year trades of top 25 shareholders!
Amendments include safeguards to deal with 'Fresenius Kabi type of situations'
Amendments include Merchant Banker certification

Read/watch The Firm’s coverage on 'Fresenius Kabi type of situations':
- The Curious Case Of Fresenius Kabi!

- The Curious Case Of Fresenius Kabi: Strikes Again!

- De-Listing: Easier, Tougher & The Kabi Fix?

2) Changes by SEBI to Buy-back regulations

SEBI amends Buy-back regulations to allow for tender of shares through stock exchange mechanism.

3) Changes by SEBI to Takeover regulations

SEBI amends Takeover regs to allow for de-listing via tender offer.
Specifies process in case of competing offers (no delisting then)

(Attached are the SEBI documents on amendments to De-Listing regulations, Buy-back regulations and Takeover regulations)

Attachments : SEBI- Amended Buy-Back Regs.pdf
Attachments : SEBI- Amended Takeover Regs.pdf
Attachments : SEBI- Amended Delisting Regs.pdf

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