Company may buy-back its own shares or other specified securities

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..... e existing 3[security-holders] on a proportionate basis through the tender offer; (b) from the open market through- (i) book-building process, (ii) stock exchange; (c) from odd-lot holders: 4[Provided that no offer of buy-back for fifteen per cent or more of the paid up capital and free reserves of the company shall be made from the open market.] (2) A company shall not buy-back its 5[shares .....

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..... 999, w.e.f. 21-09-1999. 2 Substituted by the SEBI (Buy-back of Securities) (Amendment) Regulations, 2004 w.e.f. 18-06-2004 for the words "specified securities", which had earlier been substituted for the word "shares" by the SEBI (Buy-back of Securities) (Amendment) Regulations, 1999, w.e.f. 21-09-1999. 3 Substituted for the word "shareholders" by the SEBI (Buy-back of Securities) (Amendment) Re .....

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