29th March 2019




Sub: SEBI Delisting of Equity Shares Regulation 2015-“Timelines for Counter Offer Process”


To all Listed Companies


Attention of such aforesaid listed companies are drawn to SEBI Circular Ref. No. SEBI/HO/CFD/DCR2/CIR/P/2019/35 dated March 13, 2019 (copy available at CSE web-site at www.cse-india.com and SEBI web-site at www.sebi.com) wherein


The aforesaid SEBI Circular is applicable to all the listed entities. The said SEBI Circular read as follows:


“SEBI (Delisting of Equity Shares) Regulations, 2015 has been amended to allow promoter(s) / acquirer(s) to make “Counter offer”, in case price discovered through reverse book building is not acceptable to the promoter(s) / acquirer(s). In order to implement the “Counter offer” process and to provide the framework, the “Timelines for Counter Offer Process” is enclosed as per Annexure – A. 



This is for information and necessary action.




CS Chandrani Datta