18 Jun 2020
| S. No. | Particulars | Previous Requirement | Amendment Introduced |
|
ICDR Regulations |
|||
| (i) | Subsequent QIPs | An entity may undertake a subsequent QIP only after the expiry of 6 months from the date of the prior QIP. | The time period required between subsequent QIPs has been reduced to 2 weeks from the date of prior QIP. |
|
Takeover Code |
|||
| (ii) | Substantial acquisition of shares or voting rights | Any acquirer, together with persons acting in concert who already holds 25% or more of voting rights in a target company will not acquire additional 5% or more of the voting rights without making a public announcement of an open offer (Open Offer Rule). | A new proviso has been introduced as an exception to the Open Offer Rule and now additional acquisition by a promoter beyond 5% but no more than 10% of the voting rights in financial year 2020-2021 is permitted but only pursuant to preferential issue of equity shares of the target company. |
| (iii) | Voluntary open offer | An acquirer would not be eligible to make a voluntary open offer if the acquirer has acquired shares of the target company in the preceding 52 weeks without attracting obligation to make a public announcement of an open offer. | This requirement has been relaxed till 31 March 2021. |
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