Schedule IV - Timelines for counter offer - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.

SCHEDULE IV See regulation 22(4) Timelines for counter offer S l . No. Activity Timelines 1. Public announcement of counter offer by the acquirer through stock exchange mechanism Within two working days from the date of closure of reverse book building bidding process 2. Publication of counter offer public announcement in the same newspapers where the detailed public announcement was made Within four working days from the closure of the reverse book building bidding process 3. Option to withdraw the shares tendered during the reverse book building process Within ten working days from the counter offer public announcement 4. Dispatch of Letter of offer for counter offer Within four working days from the closure of the reverse book building bidding process 5. Opening of counter offer bidding process Not later than seven working days from the date of public announcement 6. Closing of counter offer bidding process Not later than five working days from the opening of counter offer bidding process 7. Public announcement of success/failure of counter offer in the same newspaper in which detailed public announcement under sub-regulation (1) of regulation 15 was made Not later than five working days of the closing of the counter offer bidding process 8. Payment of consideration Not later than ten working days from the closing of counter offer or through the secondary market settlement mechanism, as the case may be 9 Release of equity shares On the date of making public announcement of the success or failure of the counter offer AJAY TYAGI, Chairman [ADVT.-III/4/Exty./88/2021-22]