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The Securities and Exchange Board of India (Sebi) has plugged a critical loophole in the new delisting regulations.
On Wednesday, the market regulator amended delisting regulations to allow acquirers to make a ‘counter-offer’, in case price discovered through reverse book building (RBB) was not acceptable to them.
According to Sebi regulations, public announcement of a counter-offer by acquirer through stock exchanges should be made within two working days from the date of closure of the bidding process. Moreover, the public announcement regarding the counter offer should be published in the same newspapers where the original reverse book building announcement was
