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Markets regulator SEBI today approved changes to takeover regulations wherein entities would get additional time for upward revision of open offer price during share tendering period. Besides, buyback regulations would also be amended.
These proposals were cleared at the board meeting of SEBI here today.
“... it has been decided to grant additional time for upward revision of open offer price till one working day before the commencement of the tendering period,” SEBI said in a release.
According to the regulator, the amendments are mainly aimed at simplifying the language, removing redundant provisions and inconsistencies as well as update references to Companies Act, 2013. In this regard, changes would be made to the SEBI (Substantial Acqusition of Shares and Takeovers) Regulations, 2011.
Talking to reporters after the board meeting, SEBI Chairman Ajay Tyagi said changes to takeover as well as buyback regulations have been approved. The watchdog would be reframing buyback regulations, with inclusion of definition of buyback period.
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