SEBI Takeover Regulation

Dear Deepanshu,

1. The aquirer is obliged to make an offer to acquire minimum of 20% of voting capital  of the Company but not to actually acquire  20% voting capital  of the Company

It means atleast 20%

2. What is meant by consolidation of holding under regulation 11(2A)

Acquisation of shares upto the percentage as specified by the qcquirer considering person acting in concert as specified.

Simply, any acquisation is consolidation, SAST will attract if such consolidation goes beyond limit.

3. How the control over a company can be acquired under regulation 12

Its change in Management of the Company, if the entire promoters group of the company is changing, it will be reffered as change in control, Example... acquisition of Holding company which is having listed subsidary...automatically management of subsidary will change...

Regards

Jaideep Pandya