Securities And Exchange Board Of India - Subsection
Section 20(4) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(4)For the purposes of sub-regulation (1), the offer price shall be the highest of-(a)the negotiated price under the agreement referred to in sub-regulation (1) of regulation 14;(b)price paid by the acquirer or persons acting in concert with him for acquisition, if any, including by way of allotment in a public or rights or preferential issue during the twenty-six week period prior to the date of public announcement, whichever is higher;(c)the average of the weekly high and low of the closing prices of the shares of the target company as quoted on the stock exchange where the shares of the company are most frequently traded during the twenty-six weeks or the average of the daily high and low of the [***] [The word [closing] omitted by the SEBI (Substantial Acquisition of Shares and Takeovers)(Amendment) Regulations, 2004, w.e.f. 3-9-2004. ] prices of the shares as quoted on the stock exchange where the shares of the company are most frequently traded during the two weeks preceding the date of public announcement, whichever is higher:[Provided that the requirement of average of the daily high and low of the closing prices of the shares as quoted on the stock exchange where the shares of the company are most frequently traded during the two weeks preceding the date of public announcement, shall not be applicable in case of disinvestment of a Public Sector Undertaking.] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment)Regulations, 2002, w.e.f. 18-12-2002. ]Explanation.-In case of disinvestment of a Public Sector Undertaking, the relevant date for the calculation of the average of the weekly [***] [The words ] prices of the shares of the Public Sector Undertaking, as quoted on the stock exchange where its shares are most frequently traded, shall be the date preceding the date when the Central Government or the State Government opens the financial bid.
