Securities And Exchange Board Of India - Subsection
Section 20(7) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(7)Notwithstanding anything contained in the provisions of sub-regulations (2), (4), (5) and (6), where the acquirer has acquired shares in the open market or through negotiation or otherwise, after the date of public announcement at a price higher than the offer price stated in the letter of offer, then, the highest price paid for such acquisition shall be payable for all acceptances received under the offer:Provided that no such acquisition shall be made by the acquirer during the last seven working days prior to the closure of the offer:[Provided further that nothing contained in sub-regulation (7) shall be construed to authorise an acquirer who makes a public announcement in terms of sub-regulation (2A) of regulation 11 to acquire any shares during the offer period in the open market or through negotiation or in any other manner otherwise than under the public offer.] [Substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)Regulations, 2006, w.e.f-26-5-2006. ]
