29 Nov 2024
SEBI regulations require listed companies in India to maintain a minimum public shareholding of 25%. Therefore, in a control transaction that triggers an open offer, an acquirer will need to consider several factors to ensure that they remain compliant with public shareholding requirements in India.
In this context, our Partner Harsh Maggon, discusses the ‘trinity of public M&A transactions’. The first aspect he discusses is how an acquirer can gain control without crossing the 75% shareholding limit in an open offer. The second aspect he addresses is promoter declassification – how an exiting promoter can be reclassified as a public shareholder. The final aspect that he delves into is delisting a company alongside an open offer.
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