Regulation 24 - Payment upon success of the offer - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.

Payment upon success of the offer 24 . (1) All the public shareholders, whose bids are accepted, shall be paid the discovered price or a higher price, if any, offered by the acquirer in terms of sub-regulation (6) of regulation 20 of these regulations 1 [ or fixed price offered by the acquirer in terms of sub-regulation (1) of regulation 20A of these regulations ] , as stated in the public announcement in the following manner - (i) In case the discovered price is equal to the floor price or the indicative price as provided under regulation 20 , or in case the acquirer is bound to accept the equity shares in the delisting offer in terms of sub-regulation (2) of regulation 22 2 [ or in terms of fixed price as provided under regulation 20A ] of these regulations, the payment shall be made through the secondary market settlement mechanism; (ii) In case the discovered price or the price, if any, offered by the acquirer in terms of sub- regulation (6) of regulation 20 of these regulations, is higher than the floor price or the indicative price, as the case may be, the payment shall be made within five working days from the date of the public announcement under sub-regulation (4) of regulation 17 of these regulations. (2) The acquirer shall be liable to pay interest at the rate of ten percent per annum to all the shareholders, whose bids have been accepted in the delisting offer, if the price payable in terms of sub-regulation (1) is not paid to all the shareholders within the time specified thereunder: Provided that in case the delay was not attributable to any act or omission of the acquirer or was caused due to the circumstances beyond the control of the acquirer, the Board may grant waiver from the payment of such interest. *************** NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/206 dated 25-09-2024 w.e.f. (For Additional Condition See this Notification ) 2. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/206 dated 25-09-2024 w.e.f. (For Additional Condition See this Notification )