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Home > Information Cafe > Frequently Asked Questions
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+ Please provide details as to how the regulatory framework governing Takeovers has evolved over a period?
+ What is the significance of the notification related to SAST Regulations, 2011 published on September 23, 2011?
+ When the Takeover Regulations, 2011 have come in to force?
+ What is meant by Takeovers & Substantial acquisition of shares?
+ Who is an ‘Acquirer’?
+ What is meant by Persons acting in Concert or ‘PAC’ in the context of SAST Regulations, 2011?
+ What is a ‘Target Company’?
+ What is an open offer under the SAST Regulations, 2011?
+ Under which situations is an open offer required to be made by an acquirer?
+ Can the acquisitions, resulting from any agreement attracting the obligation to make an open offer, be completed by way of transactions settled on Stock exchange such as bulk/block deals?
+ What are the threshold limits for acquisition of shares / voting rights, beyond which an obligation to make an open offer is triggered?
+ How is the maximum permissible non-public shareholding in a listed company defined?
+ What is the basis of computation of the creeping acquisitions limit under Regulation 3(2) of Takeover Regulations 2011?
+ Whether for the purpose of the creeping acquisition in terms of the Takeover Regulations, 2011, the Creeping Acquisition made during the period 01.04.2011 to 22.10.2011 will be considered?
+ Whether hostile offers/bids are permitted under the new regulations?
+ What is a voluntary open offer?
+ What are the restrictions on acquirers making a voluntary open offer?
+ Can a person holding less than 25% of the voting rights/ shares in a target company, make an offer?
+ How is the voluntary offer made by a person holding less than 25% of shares/ voting rights in a target company different from the voluntary offer made by a person holding more than 25% of shares/ voting rights of the target company?
+ Proposed acquisition of which type of securities, beyond the stipulated thresholds, leads to an obligation of making an open offer?

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