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Rethinking Open-Offer Financing: The Impact Of RBI’s Acquisition Financing Liberalisation

Summary: Indian banks are now permitted to finance acquisitions of ‘control’ over target companies, marking the most significant liberalisation of acquisition financing in India in decades. However, where the target is a listed company, the mandatory open offer obligations under the SAST Regulations introduce a series of interpretive questions regarding the interplay between the CF Directions 2026 and the open offer financing obligations.

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