Relaxations relating to procedural matters – Takeovers and Buy-back

Last updated: 29 July 2020

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The Securities and Exchange Board of India (SEBI) has extended the one-time relaxations concerning procedural matters for takeovers and buy-backs. Originally set to expire on July 31, 2020, these relaxations now apply to open offers and tender buy-backs opening up to December 31, 2020. This extension is in response to market participant feedback.

Securities and Exchange Board of India

CIRCULAR

SEBI/HO/CFD/DCR2/CIR/P/2020/139

July 27, 2020

All Listed Entities

All Recognized Stock Exchanges All Registered Merchant Bankers

Dear Sir / Madam,

Sub: Relaxations relating to procedural matters – Takeovers and Buy-back

1. 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.

2. 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.

3. This Circular is issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992.

4. A copy of this circular is available on SEBI website at www. sebi.gov.in under the categories “Legal Framework/ Circulars.”

Yours faithfully,

Rajesh Gujjar General Manager
Division of Corporate Restructuring
Corporation Finance Department
Email id: rajeshg@sebi.gov.in
+91-22-2644 9232

FAQ :

The circular extends the validity of one-time relaxations granted for procedural matters related to takeovers and buy-back of securities.

The relaxations pertain to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and the SEBI (Buy-back of securities) Regulations, 2018.

The relaxations were originally applicable for open offers and buy-back through tender offers opening up to July 31, 2020.

The validity of these relaxations has been extended and they are now applicable for open offers and buy-back through tender offers opening up to December 31, 2020.

The extension was granted based on representations received from market participants.