The introduction by the Securities and Exchange Board of India (SEBI) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the 2011 Takeover Code) and the SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2011 (the ICDR Amendment) has brought about significant changes in substantive, procedural and disclosure norms governing corporate acquisitions and capital issues in India. While the 2011 Takeover Code has replaced the earlier regulations governing acquisitions of shares and voting rights of listed companies (the 1997 Takeover Code), the ICDR Amendment has introduced significant changes in the eligibility parameters and other procedural amendments governing primary security issuances. This article examines the relevant regulations in the 2011 Takeover Code and the provisions of the ICDR Amendment that could significantly impact the established structures of raising capital in India.
The Exemption Norms in the 2011 Takeover Code
Eligibility Criteria for a Company Proposing to Offer Shares Under Regulation 26(1) of the ICDR Amendment
Amendment of the Standard Due Diligence Certificate to Be Submitted to SEBI by the Merchant Banker
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