Hi Friends,
Kindly give me details of Trigger point where provvision of SEBI(SAST)reg,2011.NEW TAKEOVER CODE gets triggered.
* Creeping acquisition limit.........?
*Consolidation of holding..........?
cs sharmila (company secretary) (150 Points)
25 April 2012Hi Friends,
Kindly give me details of Trigger point where provvision of SEBI(SAST)reg,2011.NEW TAKEOVER CODE gets triggered.
* Creeping acquisition limit.........?
*Consolidation of holding..........?
1. Increase in Initial Threshold Limit from 15% to 25%.
The Initial Threshold limit provided for Open Offer obligations is increased from 15% to 25% of the voting rights of the Target Company. Since SEBI (SAST) Regulations, 2011 will be applicable from October 22, 2011, thus it’s a last opportunity for all the Promoters holding less than 25% but more than 20% to come within bracket of Creeping Acquisition. Otherwise even the existing Promoters of these Companies have to give offer to consolidate their holding.
2. Creeping Acquisition Limit raised from 15%-55% to 25%-75%:
Now there will a single and clear creeping acquisition bracket. This will be available to all persons holding 25% or more but up to 75% i.e maximum permissible non-public holding shall be eligible for creeping acquisition of 5% each financial year.
Also see the attached files. For more info please visit Takeover code.com.
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cs sharmila
(company secretary)
(150 Points)
Replied 25 April 2012
Thankz a lot Veeral Gandhi............
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