Law · SEBI (SAST) Regulations, 2011

Under Regulation 19(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, a conditional open offer is allowed only if:

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1The board of directors of the target company approves it
2A minimum level of acceptance is specified and the underlying agreement contains a rescission clause✓
3The acquirer holds more than 50% shares
4SEBI approves the condition separately

Correct answer

A minimum level of acceptance is specified and the underlying agreement contains a rescission clause

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