The Securities and Exchange Board of India vide its notification dated 22nd June 2020 has published the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (2nd Amendment) Regulations, 2020.
The Amendment is brought under regulation 10, in which the new provision (2b) has been inserted, which states that Any acquisition of shares or voting rights or control of the target company by way of the preferential issue in compliance with regulation 164A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 shall be exempt from the obligation to make an open offer under sub-regulation (1) of regulation 3 and regulation 4.
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