On 27 July 2020, IND SEBI said relaxations are further extended and shall be applicable for open offers and buy-back through tender offers opening up to 31 December 2020.
- On 1 July 2020, IND SEBI released (substantial acquisition of shares and takeovers) (third amendment) regs, 2020, which enter to force on publication in official gazette.
- Provide that for indirect acquisitions where public announcement has been made, an amount equivalent to 100% of the consideration shall be deposited in escrow account.
- Provide further that the deposit of securities shall not be permitted in respect of indirect acquisitions where public announcement has been made.
- Adds regulation in case the acquirer is unable to make payment to the shareholders who have accepted the open offer within such period, the acquirer shall pay interest for the period of delay to all shareholders whose shares have been accepted at 10%.