The Securities and Exchange Board of India (SEBI) on May 17, 2024, notified the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2024 further amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The following has been stated: -
•In regulation 8, after sub-regulation (16), the following new sub-regulation (17) shall be inserted, namely, - “(17) The effect on the price of the equity shares of the target company due to material price movement and confirmation of reported event or information may be excluded as per the framework specified under sub-regulation (11) of regulation 30 of the listing regulations for determination of the offer price under this regulation.”
•In regulation 9, after sub-regulation (5), the following new sub-regulation (6) shall be inserted, namely, - “(6) The effect on the price of the listed equity shares, which are offered as consideration, due to material price movement and confirmation of reported event or information may be excluded as per the framework specified under sub-regulation (11) of regulation 30 of the listing regulations for determination of the price of such equity shares under this regulation.”
They shall come into force from May 18, 2024.
[Notification No. SEBI/LAD-NRO/GN/2024/179]
