Tendering of shares in open offers, buybacks and delisting offers by marking lien in the demat account of the shareholders.

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..... he mechanism for acquisition of shares through stock exchange mechanism pursuant to tender offers for the purpose of takeovers, buy back and delisting of securities. Subsequently, SEBI vide Circular CFD/DCR2/CIR/P/2016/131, dated December 09, 2016 streamlined the process for acquisition of shares pursuant to tender offers made pursuant to open offers, buy back offers and delisting of securities. 2. Under the existing mechanism, the shares tendered by the shareholders are required to be directly transferred to the account maintained by the clearing corporation and different tendering processes are being adopted by Depositories. Such transfer involves systematic risk, substantial time and cost. 3. In consultation with Depositories, Cl .....

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..... of SEBI (Delisting of Equity Shares) Regulations, 2021. 8. A copy of this Circular is available on SEBI website at www.sebi.gov.in under the categories Legal Framework Circulars . Yours faithfully, T. Venkateshwarlu Deputy General Manager Division of Corporate Restructuring Corporation Finance Department Email ID: [email protected] Phone +91-22-26449223 Annexure Amendments to procedure for tendering and settlement of shares through Stock Exchange a) Changes in respect of Intra Depository - Tender Offer Instructions (within Depository): i) The lien shall be marked in the depository system by the Depositories in the Beneficial Owner s Demat Account for the shares offered .....

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..... lease of IDT message shall be sent by target Depository either based on cancellation request received from CCs or automatically generated after matching with Bid accepted detail as received from CCs / Issuer / RTAs. v) Post receiving the IDT message from target Depository, source Depository shall release excess quantity from shareholder s block balance to free balance. The CC, if any, shall be processed by source Depository and any increase in quantity or substitute ISIN shall be communicated to target depository in IDT message. vi) Post completion of tendering period and receiving the requisite details viz., demat account details and accepted bid quantity in respect of receiving entitlement details of securities of tender offer from .....

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