The Securities and Exchange Board of India vide its circular dated 14th May 2020 has granted one-time relaxation on the procedural requirements for listed entities with respect to open offers and buyback tender offers opening up to till July 31, amid the coronavirus pandemic.
The Service of the letter of offer, tender form and other offer related material to shareholders may be undertaken by electronic transmission and the acquirer/company shall publish the letter of offer and tender form on the websites of the company, registrar, stock exchanges and the manager to offer.
The acquirer/company along with lead manager shall undertake all adequate steps to reach out to the shareholders through other means such as ordinary post or SMS or audio-visual advertisement on television or digital advertisement.
Among others, the acquirer would have to make an advertisement containing details regarding the dispatch of the letter of offer electronically.
Further, all the advertisement issued should also be made available on the website of the company, registrar, and managers to the offer, and stock exchanges.
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