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Answer Posted / vinotha.v
PUBLIC SHAREHOLDING - PROPOSED AMENDMENTS TO SEBI
(SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS)
REGULATIONS, 1997
It has been decided to harmonise the level of public
shareholding for continuous listing as contained in Clause
40A of the Listing Agreement and vis-à-vis other
regulation / guideline such as the SEBI (Substantial
Acquisition of Shares and Takeovers) Regulations, 1997 and
SEBI (Delisting of Securities) Guidelines, 2003.
As a step in this direction, a draft amendment to SEBI
(Substantial Acquisition of Shares and Takeovers)
Regulations, 1997 {Regulations} has been prepared. The text
of the same is given in the Annexure.
The proposed amendments have been made to provide for the
following:
Revised definition of public shareholding and promoter.
Minimum size of Open Offer to be made under the Regulations.
Cases where procedure under SEBI (Delisting of Securities)
Guidelines, 2003 needs to be followed.
Reduction in the upper limit of shareholding from 75% to
51% for availing creeping acquisition limit of 5%.
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