Securities And Exchange Board Of India - Subsection
Section 11(2) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(2)[ No 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, shall acquire either by himself or through [or with] [Substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)Regulations, 2006, w.e.f. 26-5-2006. ] persons acting in concert with him any additional shares [entitling him to exercise voting rights] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)Regulations, 2008, w.e.f. 31-10-2008. ] or voting rights therein, unless he makes a public announcement to acquire shares 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.][Provided further that such acquirer may, [notwithstanding the acquisition made under regulation 10 or sub-regulation (1) of regulation 11,] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)Regulations, 2008, w.e.f. 31-10-2008. ] without making a public announcement under these Regulations, acquire, either by himself or through or with persons acting in concert with him, additional shares or voting rights entitling him upto five per cent. (5%) voting rights in the target company subject to the following:-(i)the acquisition is made through open market purchase in normal segment on the stock exchange but not through bulk deal /block deal/ negotiated deal/ preferential allotment; or the increase in the shareholding or voting rights of the acquirer is pursuant to a buy back of shares by the target company;(ii)the post acquisition shareholding of the acquirer together with persons acting in concert with him shall not increase beyond seventy five per cent.(75%).][***] [Provisos and explanation omitted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)Regulations, 2006, w.e.f. 26-5-2006. ]
