In the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 through SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2010 vide Notification No. LAD-NRO/GN/2010-11/05/1110 dated 13th April 2010, the following updates were made.
In regulation 3, in sub-regulation (1), in clause (f), after sub-clause (vi), the
following sub-clause shall be inserted, namely: -
“(vii) a merchant banker or nominated investor in the process of market making and subscription by the nominated investor to the unsubscribed portion of issue, in terms of Chapter XA of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009:
Provided that benefit of exception provided in sub-clause (vii) shall not be
available if the acquisition of securities in the process of market making or
subscription to the unsubscribed portion of issue results in change in control
over the target company, directly or indirectly.”
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