Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2024
Foreword:
SEBI vide Notification No. SEBI/LAD-NRO/GN/2024/179 came up with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2024 to further amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The SEBI ((Substantial Acquisition of Shares and Takeovers) (Amendment)Regulations, 2024 shall come into force on the date of their publication in the Official Gazette.
Highlights:
- Regulation 8 (17): In regulation 8, after sub-regulation (16), the following new sub-regulation (17) shall be inserted, namely,-
The effect on the price of the equity shares of the target company due to material price movement and confirmation of reported event or information may be excluded as per the framework specified under sub-regulation (11) of regulation 30 of the listing regulations for determination of the offer price under this regulation.”
- Regulation 9(6): In regulation 9, after sub-regulation (5), the following newsub-regulation (6) shall be inserted, namely,-
The effect on the price of the listed equity shares, which are offered asconsideration, due to material price movement and confirmation of reported event or information may be excluded as per the framework specified under sub regulation (11) of regulation 30 of the listing regulations for determination of the price of such equity shares under this regulation.
