ACQUISITION OF COMPANIES – CS Professional
When an acquirer and person acting in concern acquire 25% of voting right in a company then acquirer have to issue a public announcement and detailed public statement for at least 26% of voting rights and have to send a public announcement to the stock exchange on the same day. Within 5 days of issuing a public announcement, they will have to issue a detailed public statement in 3 to 4 newspaper.
Following are the steps to be taken while acquiring a company:-
- Within 5 working days of issuing a detailed public statement in a newspaper, acquirer and merchant banker have to file a letter of offer to S.E.B.I.
- Acquirer shall file PA to S.E.B.I and to the target
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