Sebi unlikely to accept proposal to lift the size of mandatory open offer arising from mergers and acquisitions to 100

The Securities and Exchange Board (Sebi) of India is unlikely to accept a proposal to lift the size of mandatory open offer arising from mergers and acquisitions to 100 per cent from 20 per cent. A panel set up by the Sebi had proposed changes to takeover rules, including raising the open offer size to make it easier for minority shareholders to participate in open offers. The Sebi board is scheduled to meet on Monday, the newspaper said, and cited an unnamed Sebi official as saying that the regulator would have to take a “hard look” at the proposal considering the resistance from industry bodies, merchant bankers and corporate lawyers.