GENERAL MANAGER

MARKET INTEMEDIARIES REGULATION AND SUPERVISION DEPARTMENT

DIVISION OF POLICY AND SUPERVISION-II

Email: sureshm@sebi.gov.in

SEBI/MIRSD/MB/Cir- 01 /2004

March 08, 2004

To

All Registered Merchant Bankers

Dear Sirs,

SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997-Modified Formats of letter of offer.

SEBI vide press release dated August 10, 1999, had informed about the standardization of the format of Public announcement and Letter of offer. These formats have been made available on SEBI’s website since August 10, 1999. Taking into consideration the development in the field of takeover activities and continuous development in the market, these formats have been modified earlier.

In order to further strengthen the disclosures as made in the Letter of offer, certain additional disclosure requirements/modifications have been carried out in the existing standard format of the Letter of Offer. The modified format of letter of offer is available on SEBI’s website www.sebi.gov.in .The Merchant Bankers are advised to follow the enclosed format while submitting draft letter of offers from now onwards.

This circular is being issued in exercise of powers conferred by section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the investors in securities and to promote the development of, and to regulate the securities market.

Yours faithfully,

SURESH B.MENON

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