Regulation 12 - Manager to the open offer - Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

CHAPTER III OPEN OFFER PROCESS Manager to the open offer. 12. (1) Prior to making a public announcement, the acquirer shall appoint a merchant banker registered with the Board, who is not an associate of the acquirer, as the manager to the open offer. Explanation.- For the purposes of this regulation the term associate has the same meaning as in the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 . (2) The public announcement of the open offer for acquiring shares required under these regulations shall be made by the acquirer through such manager to the open offer.