It is an extraordinary measure that has taken everyone by surprise. The Securities and Exchange Board of India (Sebi) has amended the takeover regulations to enable an additional creeping acquisition of 5 per cent of the voting rights in listed companies within this financial year without making an open offer. The suspension of the obligation to make an open offer is available only to promoters if the hike in stake is by infusing money into the company and only within this financial year.
Under the takeover regulations, when any person along with those in concert acquires 25 per cent or more
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