The Security and Exchange Board of India (SEBI) has notified the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2021 which seeks to amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
In the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, in regulation 1, in the proviso under sub-regulation (3), the words “Institutional Trading Platform” shall be substituted with the words “Innovators Growth Platform”.
In regulation 3, which pertains to Substantial acquisition of shares or voting rights after the existing sub-regulation (4), the new sub-regulation shall be inserted, namely, “For the purpose of this regulation, any reference to “twenty-five per cent” in case of listed entity which has listed its specified securities on Innovators Growth Platform shall be read as “forty-nine per cent”.
In regulation 6, which pertains to Voluntary Offer after the existing sub-regulation (3), the following new sub-regulation shall be inserted, namely, “For the purpose of this regulation, any reference to “twenty-five per cent” in case of listed entity which has listed its specified securities on Innovators Growth Platform shall be read as “forty-nine per cent”.
In regulation 26, which pertains to obligations of the target company after the first proviso to sub-regulation (6), the following new proviso shall be inserted, namely, “Provided further that while providing reasoned recommendations on the open offer proposal, the committee shall disclose the voting pattern of the meeting in which the open offer proposal was discussed.”
In regulation 29, which pertains to disclosure of acquisition and disposal after the existing sub-regulation (1), the following new proviso shall be inserted, namely “Provided that in case of listed entity which has listed its specified securities on Innovators Growth Platform, any reference to “five per cent” shall be read as “ten per cent”.
In regulation 29, after the existing sub-regulation (2), the new proviso shall be inserted, namely, “Provided that in case of listed entity which has listed its specified securities on Innovators Growth Platform, any reference to “five per cent” shall be read as “ten per cent” and any reference to “two per cent” shall be read as “five per cent”.
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