Reg. 11(2) of SAST

U will have to give PA, i am presenting below few lines from SEBI website which is in support of my reply:-

Clarificatory circular regarding applicability of Regulation 11 (2) of SEBI

(Substantial Acquisition of Shares and Takeovers) Regulations, 1997

Background

1. A Board Memorandum No. 95 / 2008 dated October 27, 2008, proposing amendment to the provisions relating to consolidation of holdings by persons holding more than 55 % of shares or voting rights of a company, was circulated to the Board for consideration.

2. The aforesaid Memorandum contained the following proposals –

a. Creeping acquisition upto 5 % may also be allowed to persons holding above 55 % but below 75 % subject to the condition that such acquisition can only be via open market purchases in the normal segment and that no consolidation via bulk / block / negotiated deal or through preferential allotment would be permitted.

b. Such increase upto 5 % per annum may also be allowed if it is a result of buy back by a company.