Sample Template Example of Preference Shares Allotment Rules & Procedure in Word in Word / Doc / Pdf Free Download
MAJOR STEPS REQUIRED UNDER SEBI (SUBSTANTIAL ACQUISITION OF SHARES & TAKEOVERS) REGULATIONS, 1997 FOR ACQUISI-TION OF MORE THAN 5% EQUITY SHARES IN THE TARGET COMPANY IN A FINANCIAL YEAR
As per the existing provisions of the Takeover Code, an acquirer who holds between 15% and 55% of the shares of a listed company is allowed to acquire upto 5% stake in such company during a financial year ending 31st March.
The outer limit of 55% is proposed to be revised by SEBI to 75% vide Press Release No.239/2008 dated 27.10.08.
Acquisition beyond 5% can be made only after giving an open offer. Major steps to be taken by the acquirer are given hereunder: