Regulation 22B - Offer procedure - Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018

1 [Offer procedure: 22B (i) The company making the buy-back offer shall disclose the maximum buy-back price, being the upper end of the price range, as approved by the Board of Directors of the company or its shareholders, as the case may be and the book value of the shares or other specified securities of the company. (ii) The company shall publish the offer opening announcement on the date of commencement of the buy-back. (iii) In case of frequently traded securities, the lower end of the price range shall not be less than the higher of: (a) the closing price of the securities of the company on the date of the Notice as specified in Schedule- VI ; and (b) the volume weighted average market price of the shares or other specified securities of the company in the fifteen trading days prior to the date of the intimation of the meeting of the Board of Directors approving the buy-back. (iv) In case of infrequently traded securities, the lower end of the price range shall not be less than the price of the securities of the company determined on the basis of the report of a registered valuer. (v) The buy-back price shall depend upon the price discovered through the bids received from the shareholders within the price range. ] 2 [ (vi) The effect on the price of the equity shares of the company due to material price movement and confirmation of reported event or information may be excluded as per the framework specified under sub-regulation (11) of regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for calculation of the lower end of the price range under this regulation. ] *************** NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/120 dated 07-02-2023 , w.e.f. thirtieth day from the date of their publication in the Official Gazette 2. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/180 dated 17-05-2024