INDIA: SEBI publishes revised forms for reporting of India Takeovers under Takeovers Regulations

Tuesday October 22 2013

The Securities and Exchange Board of India has published revised forms for reporting transactions for India takeovers rules under Regulation 29(1) and (2) and Regulation 31 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The revised forms require greater disclosure of the following:

• For new disclosures, the acquirer entity needs to make disclosures about whether shares being acquired are in the nature of encumbrance (pledge or lien or non-disposal undertaking).
• The acquirer also needs to provide information on the features of securities acquired including time to redemption, the ratio at which it can be converted into equity shares. etc.
• Promoters shall disclose details of encumbered shares by him or persons acting in concert (PAC) with him. The promoter also needs to inform about any invocation or release of such encumbrance or of shares.
• Additional disclosures of details of the acquirer and the Persons Acting in Concern with the acquirer, their Permanent Account Numbers (PANs) and whether they belong to the promoter group are now also required. These three particular details would need to be disclosed to the stock exchanges, without being disseminated further.

Click on the above link for the revised forms.