SEBI (Delisting of Equity Shares) Regulations, 2015 has been amended vide SEBI circular dated 13th March, 2019 to allow promoter(s) / acquirer(s) to make “Counter offer”, in case price discovered through reverse book building is not acceptable to the promoter(s) / acquirer(s).
2. In order to implement the “Counter offer” process and to provide the framework, the “Timelines for Counter Offer Process” is enclosed as per Annexure – A.
3. Further, public announcement of counter offer shall also disclose the book value per share of the company.
4. 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.
Copy of the SEBI circular can be found here
2. In order to implement the “Counter offer” process and to provide the framework, the “Timelines for Counter Offer Process” is enclosed as per Annexure – A.
3. Further, public announcement of counter offer shall also disclose the book value per share of the company.
4. 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.
Copy of the SEBI circular can be found here
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