Securities And Exchange Board Of India - Subsection
Section 11(2A) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(2A)[ Where an acquirer who (together with persons acting in concert with him) holds fifty-five per cent (55%) or more but less than seventy-five per cent (75%) of the shares or voting rights in a target company, is desirous of consolidating his holding while ensuring that the public shareholding in the target company does not fall below the minimum level permitted by the Listing Agreement, he may do so [***] [Substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)Regulations, 2006, w.e.f. 26-5-2006. ] by making a public announcement in accordance with these regulations :Provided that in a case where the target company had obtained listing of its shares by making an offer of at least ten per cent (10%) of issue size to the public in terms of clause (b) of sub-rule (2) of rule 19 of the Securities Contracts (Regulation) Rules, 1957, or in terms of any relaxation granted from strict enforcement of the said rule, this sub-regulation shall apply as if for the words and figures `seventy-five per cent (75%)', the words and figures `ninety per cent (90%)' were substituted.]
