Can Aquisition of shares and warrants as per SEBI (SAST) exceeding 5% done in same offer letter or separate offer letter are required?
1 Replies
udit sharma
(Company Secretary)
(2303 Points)
Replied 26 April 2011
Can be done in the same letter of offer..........
In my opinion as per Regulation 10 of the SEBI (SAST) Regulations, 1997,no acquirer shall acquire shares or voting rights in the Target Company if such shares or voting rights taken together with the shares/voting rights already held by him entitles to him to exercise more than 15 per cent of the shares or voting rights in the Target Company without making a public anouncement of acqusition of such shares/voting rights.
Acquisition of more than 5% of shares/voting rights in the Target Company does not require any public anouncement of acquisition, so what for letter of offer is required????????
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