This is in continuation of the Exchange notices no. 20201102-43 dated November 02, 2020 regarding revised Guidelines of Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and Delisting in accordance to the SEBI circular nos. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016 and CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015 about mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and Delisting.
Market participants are requested to note the following revision in the Guidelines:
1. The Exchange shall display only confirmed bids in the bid details and demand schedule on its website.
2. The Custodian’s confirmation of bids shall be within the normal trading hours during the tender offer open period, except for the last day of tender offer it shall be up to 4.00 pm.
The above point no. 1 & 2 shall be implemented for all issuances of Offer to Buy Segment which shall be live on and after September 1, 2021.
The holders of physical equity shares shall ensure that the bidding form, together with the share certificate and transfer deed, is received by the share transfer agent appointed for the purpose before the last date of bidding period.
The verification of physical certificates shall be completed on the day on which they are received by the share transfer agent
The process of confirmation of bids by Custodian for Demat shares and by RTA for Physical shares shall remain the same.
3. Further, Under the existing mechanism, the shares tendered by the shareholders are required to be directly transferred to the account maintained by the Clearing Corporation.
As per SEBI circular SEBI/HO/CFD/DCR-III/CIR/P/2021/615 dated August 13, 2021, a lien shall be marked against the shares of the shareholders participating in the tender offers. Upon finalization of the entitlement, only accepted quantity of shares shall be debited from the demat account of the shareholders. The lien marked against unaccepted shares shall be released.
The revised process of tendering of shares in open offers, buy-back offers and delisting offers by marking lien in the demat account of the shareholders, shall be applicable to all the tender offers for which Public Announcement is made on or after October 15, 2021.
There is no change in existing Early Pay-in process by investors and custodians.
Please find attached herewith the revised detailed operational instructions and guidelines for participation in Acquisition Window (Offer to Buy - OTB) of BSE as Annexure A.
Trading Members/ Custodians and Acquirer(s)/ Promoter(s)/ Companies are advised to contact following Exchange officials for any further clarifications:
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Name of Official
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Contact Number
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Department
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Email ID
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Atul Dhotre
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022 - 22728934
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Listing Sales
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atul.dhotre@bseindia.com/ listing.sales@bseindia.com
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Puja Choudhary
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022 - 22728504
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Listing Sales
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puja.choudhary@bseindia.com/ listing.sales@bseindia.com
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Sandeep Pujari
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022 - 22728376
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Trading Ops
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sandeep.pujari@bseindia.com/
ibbs.ops@bseindia.com
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ICCL Officials
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022-22728468/5163/5628/
8223/5784
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Settlement Process
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bse.csd@bseindia.com
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Bhushan Mokashi
General Manager
August 25, 2021
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