SEBI clarifies timeline for draft letter of offer


The Securities and Exchange Board of India (SEBI) has revised the time period for which information is required to be filed in a draft letter of offer in accordance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The amendment, brought about through a circular on 15 March, is designed to bring the requirement in line with the maintenance of records under the provisions of the Companies Act, 2013. The format and instructions for the draft letter of offer to SEBI have been modified accordingly.


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