Relaxations relating to procedural matters – Takeovers and Buy-back
Summary
SEBI extends one-time relaxations from strict enforcement of regulations regarding open offers and buy-backs through tender offers. The extended validity period for these relaxations covers transactions opening up to December 31, 2020. This extension is issued under the powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992.
Text
SEBI vide Circular no. SEBI/CIR/CFD/DCR1/CIR/P/2020/83 dated May 14, 2020 granted one time relaxations from strict enforcement of certain regulations of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Buy-back of securities) Regulations, 2018 pertaining to open offers and buy-back through tender offers opening upto July 31, 2020.
Based on the representations received from the market participants, the validity of relaxations, as provided by Circular No. SEBI/CIR/CFD/DCR1/CIR/P/2020/83 dated May 14, 2020 is further extended and shall be applicable for open offers and buy-back through tender offers opening upto December 31, 2020.
This Circular is issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992.
Source: SecMarx — Relaxations relating to procedural matters – Takeovers and Buy-back. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.