Interpretative circular under regulation 5 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 - Applicability of provisions of regulation 11 (2) thereof, as amended on October 30, 2008

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..... vision of Corporate Restructuring Phone: +91 22 26449350 (D), Email: [email protected] CFD/DCR/TO/Cir-01/2009/06/08 August 6, 2009 To All Registered Merchant Bankers / Stock Exchanges Dear Sirs, Sub: Interpretative circular under regulation 5 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 - Applicab .....

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..... ling him to exercise voting rights or voting rights therein, unless he makes a public announcement to acquire shares in accordance with these Regulations: Provided that . Provided further that such acquirer may, without making a public announcement under these Regulations, acquire, either by himself or through or with persons acting in concert with him, additional shares or voti .....

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..... (75 %) of the shares or voting rights in a target company, may acquire (either by himself or through or with persons acting in concert with him) additional shares or voting rights entitling him up to five per cent (5 %) voting rights in the target company without making a public announcement under the SAST Regulations. 3. SEBI has been receiving representations from market participants / liste .....

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..... y restriction on the time-frame within which the same can be acquired; c. The aforesaid acquisition of five per cent (5 %) shall be calculated by aggregating all purchases, without netting the sales. d. Consequent to such acquisition, the percentage of shareholding / voting rights of the acquirer, together with persons acting in concert with him, in the target company, shall not increase bey .....

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