Clarification on relevant date for pricing in schemes of arrangement
Summary
This circular clarifies that the 'relevant date' for computing share pricing in schemes of arrangement is the date of the Board meeting where the scheme is approved. It advises stock exchanges to notify listed entities of these provisions and disseminate them on their websites. The circular is issued under Section 11 of the SEBI Act, 1992 and relevant regulations.
Text
It is now clarified that the ‘relevant date’ for the purpose of computing pricing shall be the date of Board meeting in which the scheme is approved.
The Stock Exchanges are advised to bring the provisions of this circular to the notice of Listed Entities and also to disseminate the same on their website.
Source: SecMarx — Clarification on relevant date for pricing in schemes of arrangement. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.