SEBI on March 25, 2022 has issued Consultation Paper Streamlining the Timelines followed in Open Offers and Buy-back Tender Offers. The paper seeks comments/views from various stakeholders including market intermediaries and the public on procedure followed with respect to the timelines of various activities involved in Open Offers and Buy-back offers in terms of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Buyback of Securities) Regulations, 2018. Following proposals are made:
- It is proposed that Post Offer PA may be made within two working days from the expiry of the offer period.
- It is proposed that the period for payment of consideration may be reduced to five working daysas against earlier of ten working days from the closure of tendering period.
- It is proposed that tendering period may start not later than ten working days from date of receipt of commentsfrom the Board and remain openfor five working days
