(i) The buy-back shall be made only on stock exchanges having nationwide trading terminals;
(ii) The buy-back of the shares or other specified securities through the stock exchange shall not be made from the promoters or persons in control of the company;
(iii) The buy-back of shares or other specified securities shall be made only through the order matching mechanism except ‘all or none’ order matching system;
(iv) Disclosures, filing requirements and timelines of public announcement:
a) The company shall appoint a merchant banker and make a public announcement as referred to in regulation 7 pertaining to Page 18 of 39 tender offer;
b) The public announcement shall be made within two working days from the date of passing the board of directors resolution or date of declaration of results of the postal ballot for special resolution, as relevant and shall contain disclosures as specified in Schedule IV;
c) Simultaneously with the issue of such public announcement, the company shall file a copy of the public announcement with the Board along with the fees specified in Schedule V;
d) The public announcement shall also contain disclosures regarding details of the brokers and stock exchanges through which the buy-back of shares or other specified securities would be made;
Explanation: In case of the buy-back from open market, no draft letter of offer/ letter of offer is required to be filed with the Board.
Opening of the offer on stock exchange: