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Home > Information Cafe > Frequently Asked Questions
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+ What is meant by Takeovers & Substantial acquisition of shares?
+ What is a Target company?
+ Who is an Acquirer?
+ What is meant by the term "Persons Acting in Concert (PACs)"
+ How substantial quantity of shares or voting rights is defined?
+ How is "control" defined?
+ What is a Public Announcement (PA)?
+ What are the disclosures required to be made under Public Announcement?
+ What is the objective of Public Announcement?
+ Can Acquirer make an offer for less than 20% of shares?
+ Who is required to make a Public Announcement and when is the Public Announcement required to be made?
+ Whether appointment of Merchant Banker for the offer process is mandatory?
+ What documents are to be filed with SEBI after making a P.A. and when are these documents to be filed ?
+ Does SEBI "approve" the Draft Letter of Offer?
+ What is a Letter of Offer?
+ What happens once SEBI gives comments on the draft Letter of Offer?
+ How is the price determined in an Open Offer?
+ What are the criteria for determining whether the shares of the Target Company are frequently or infrequently traded?
+ Are only those shareholders whose names appear in the register of target company on a specified date, eligible to tender their shares in the open offer?
+ What is a competitive bid?

Source: Securities and Exchange Board of India (SEBI)
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