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Aman Borthakur

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Associate in the Corporate team at the Mumbai office of Cyril Amarchand Mangaldas. Aman advises listed entities and their promoters and investors on mergers and acquisitions, corporate governance and securities laws. His experience also includes advising on a wide range of policy issues related to financial services regulation, technology policy, fintech, ESG and international trade as part of the firm’s public policy team. He can be reached at aman.borthakur@cyrilshroff.com

Case-Specific Exemptions under the Takeover Regulations: Key Takeaways from SEBI’s Orders

Background

In terms of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations”), acquiring control and/or shares/voting rights of a listed company beyond the specified quantitative thresholds (i.e. initial acquisition of 25% or more of the voting rights; or subsequent acquisition by a person holding at least 25%, of more than the creeping acquisition limit of 5% voting rights in a financial year) can trigger an obligation to make an open offer to its shareholders (“Open Offer”). Continue Reading Case-Specific Exemptions under the Takeover Regulations: Key Takeaways from SEBI’s Orders