Escrow account

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..... ce and number of equity shares outstanding with public shareholders. (2) On determination of final price and making of public announcement under regulation 18 accepting the final price, the 2 [acquirer or] promoter shall forthwith deposit in the escrow account such additional sum as may be sufficient to make up the entire sum due and payable as consideration in respect of equity shares outstanding .....

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..... remaining after full payment of consideration for equity shares tendered in the offer and those tendered under sub-regulation (1) of regulation 21 shall be released to the promoter. (5) Where the escrow account consists of a bank guarantee, such bank guarantee shall be valid till payments are made in respect of all shares tendered under sub-regulation (1) of regulation 21. ********* 1 Ibid 2 Ibid .....

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