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Friday, August 7, 2009

Takeover Code acquisition UPTO 5% through Open Market of Buy back, when holding is 55% – 75% - SEBI Clarification

CFD/DCR/TO/Cir-01/2009/06/08 dated 6th August 2009

  • Acquisition in excess of 5% in a financial year by persons holding between 15% and 55%
    • UPTO 5% in a financial year could be acquired without an open offer (called creeping acquisition).  Thus, this limit gets renewed every financial year.
  • Acquisition in excess of 5% by persons holding between 55% and 75%,
    • UPTO 5% could be acquired (without open offer) only through open market purchase or buy back by company and not through any other mode.  But this is a ONE-time limit till one reaches 5% when holding is between the prescribed limits.
    • Kindly note that, this 75% shall NOT be extended to 90%, irrespective of minimum public shareholding is 25% or 10%


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