The Securities Exchange Board of India (SEBI) on March 13, 2019, has issued a Circular in order to implement the “Counter Offer” process in SEBI (Delisting of Equity Shares) Regulations, 2015. The Regulation 2015 has been amended to allow the promoters or acquirers to make counter offer in case the price discovered through reverse book building is not acceptable. The framework of “Timelines for Counter Process” is enclosed in Annexure – A (Page 2). The book value per share of the company should be disclosed in public announcement of counter offer. The letter of offer for counter offer should be in the abridged form containing the relevant details pertaining to the counter offer.
[Circular No. SEBI/HO/CFD/DCR2/CIR/P/2019/35]
Click here to download the Circular.