INDIA: SEBI Publishes Updated Draft Offer Letter under the Takeover Code

Monday March 20 2017

SEBI Circular 2011/11/22 dated November 22, 2011 provides the format for submitting the draft letter of offer (DLOF) to SEBI under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011 (SAST) and certain instructions to be followed by merchant bankers while filing the DLOF.

Accordingly, Merchant Bankers have been filing the DLOF and certain information about the acquirer, target company, promoter etc. as per the prescribed format.

Following consultation, SEBI has approved revisions to the time period for which information is required to be filed, in line with the provisions relating to maintenance of records under the Companies Act, 2013. The format and instructions prescribed shall be modified as provided in the Annex to the Circular SEBI 2017/22.

Please follow the link at the top of the page for Circular SEBI 2017/22, which comprises amendments to the General Instructions and examples of submissions.