Regulation 21A - Offer conditional upon level of acceptance. - Securities And Exchange Board of India(Substantial Acquisition of Shares And Takeovers) Regulations, 1997

1 [Offer conditional upon level of acceptance. 21A . (1) Subject to the provisions of sub-regulation (8) of regulation 22, an acquirer or any person acting in concert with him may make an offer conditional as to the level of acceptance which may be less than twenty per cent: Provided that where the public offer is in pursuance of a Memorandum of Understanding, the Memorandum of Understanding shall contain a condition to the effect that in case the desired level of acceptance is not received the acquirer shall not acquire any shares under the Memorandum of Understanding and shall rescind the offer.] ---------------- Notes: 1. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002.