Regulation 18 - Submission of letter of offer to the Board. - Securities And Exchange Board of India(Substantial Acquisition of Shares And Takeovers) Regulations, 1997

Submission of letter of offer to the Board. 18. (1) Within fourteen days from the date of public announcement made under regulation 10, 11 or 12 as the case may be, the acquirer shall, through its merchant banker, file with the Board, the draft of the letter of offer containing disclosures as specified by the Board. (2) The letter of offer shall be despatched to the shareholders not earlier than 21 days from its submission to the Board under sub-regulation (1): Provided that if, within 21 days from the date of submission of the letter of offer, the Board specifies changes, if any, in the letter of offer (without being under any obligation to do so), the merchant banker and the acquirer shall carry out such changes before the letter of offer is despatched to the shareholders : 1 [Provided further that if the disclosures in the draft letter of offer are inadequate or the Board has received any complaint or has initiated any enquiry or investigation in respect of the public offer, the Board may call for revised letter of offer with or without rescheduling the date of opening or closing of the offer and may offer its comments to the revised letter of offer within seven working days of filing of such revised letter of offer.] 2 [(3) The acquirer shall, while filing the draft letter of offer with the Board under sub-regulation (1), pay a fee as mentioned in the following table, by bankers cheque or demand draft drawn in favour of the Securities and Exchange Board of India , payable at Mumbai: Offer size Fee (Rs.) Less than or equal to ten crore rupees. One lakh rupees (Rs. 1,00,000) More than ten crore rupees, but less than or equal to one thousand crore rupees. 0.125 per cent of the offer size. More than one thousand crore rupees, but less than or equal to five thousand crore rupees. One crore twenty five lakh rupees (Rs. 1,25,00,000) plus 0.03125 per cent of the portion of the offer size in excess of one thousand crore rupees (Rs. 1000,00,00,000). More than five thousand crore rupees. A flat charge of three crore rupees (Rs. 3,00,00,000).] ----------------- Notes: 1 Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002. 2 Substituted by the SEBI (Payment of Fees) (Amendment) Regulations, 2008, w.e.f. 1-4-2008. Prior to its substitution, sub-regulation (3) as amended by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2007 w.e.f. 28-5-2007 and SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2006 w.e.f. 21-8-2006, read as under: (3) The acquirer shall, while filing the draft letter of offer with the Board under sub-regulation (1), pay a fee as mentioned in the following table, by bankers cheque or demand draft drawn in favour of the Securities and Exchange Board of India , payable at Mumbai: Offer size Fee (Rs.) Less than or equal to one crore rupees. One lakh rupees (Rs. 1,00,000/-) More than one crore rupees, but less than or equal to five crore rupees. Two lakh rupees (Rs. 2,00,000/-) More than five crore rupees, but less than or equal to ten crore rupees. Three lakh rupees (Rs. 3,00,000/-) More than ten crore rupees but less than or equal to one thousand crore rupees 0.5% of the offer size More than one thousand crore rupees but less than or equal to five thousand crore rupees Five crore rupees (Rs. 5,00,00,000) plus 0.125%of the portion of the offer size in excess of one thousand crore rupees (Rs. 1000,00,00,000) More than five thousand crore rupees Ten crore rupees (Rs. 10,00,00,000)