(1) The 33[acquirer or] promoter shall despatch the letter of offer to the public shareholders of equity shares, not later than 34[two] working days from the date of the public announcement 35[***].
(2) The letter of offer shall be sent to all public shareholders holding equity shares of the class sought to be delisted whose names appear on the register of the company or depository as on the date specified in the public announcement under sub-regulation (3) of regulation 10.
(3) The letter of offer shall contain all the disclosures made in the public announcement and such other disclosures as may be necessary for the shareholders to take an informed decision.
(4) The letter of offer shall be accompanied with a bidding form for use of public shareholders and a form to be used by them for tendering shares under sub-regulation (1) of regulation 21.
36[Explanation. - An eligible public shareholder may participate in the delisting offer and make bids even if he does not receive the bidding 33 Ibid 34 Substituted for the words "forty five" by the SEBI (Delisting of Equity shares) (Amendment) Regulations 2015, w.e.f. 24-03-2015.
35 Omitted by the SEBI (Delisting of Equity shares) (Amendment) Regulations 2015, w.e.f. 24-03-2015. Prior to omission it read as "so as to reach them at least five working days before the opening of the bidding period" 36 Inserted by the SEBI (Delisting of Equity Shares) (Second Amendment) Regulations, 2018, w.e.f. 14.11.2018.
13 form or the tender offer /offer form and such shareholder may tender shares in the manner specified by the Board in this regard.]
Bidding period