Regulation 27 - Measures to protect the rights of remaining public shareholders - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.

Measures to protect the rights of remaining public shareholders 27 . (1) The Manager to the offer, in coordination with the acquirer shall ensure that the rights of the remaining public shareholders are protected and in furtherance of the same shall: (a) publish, on a quarterly basis, an advertisement in the same newspapers in which the detailed public announcement of the offer for delisting of equity shares was published, inviting the remaining public shareholders to avail the exit opportunity during the one year exit window after delisting of shares; (b) send follow up communications to the remaining public shareholders on a quarterly basis; and (c) file a quarterly progress report to the stock exchange(s), which shall be disseminated to the public thereafter by the stock exchange(s), disclosing the following: (i) number of remaining public shareholders at the beginning and end of the quarter; and (ii) details of public shareholders who availed the exit opportunity during the quarter. (2) The stock exchange(s) shall monitor the compliance of sub-regulation (1).