Securities And Exchange Board Of India - Subsection
Section 25(6) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(6)The acquirers who have made the public announcement of offer(s) including the public announcement of competitive bid(s) [***] [The words ] shall have the option to make upward revisions in his offer(s), in respect of the price and the number of shares to be acquired, at any time up to seven working days prior to the date of closure of the offer:Provided that the acquirer shall not have the option to change any other terms and conditions of their offer [except the mode of payment following an upward revision in offer]: [[Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment)Regulations, 2002, w.e.f. 9-9-2002.]]Provided further that any such upward revision shall be made only upon the acquirer,-(a)making a public announcement in respect of such changes or amendments in all the newspapers in which the original public announcement was made;(b)simultaneously with the issue of public announcement referred in clause (a), informing the Board, all the stock exchanges on which the shares of the company are listed, and the target company at its registered office;(c)increasing the value of the escrow account as provided under sub-regulation (9) of regulation 28.
