Market regulator Sebi is likely to give its final view on the Takeover Code for merger and acquisition deals at its board meeting scheduled later this month. “We are in consultation process. Probably we will get it (Takeover Code) through in the next Board meeting,” Sebi Executive Director Usha Narayanan told reporters on the sidelines of an Assocham event here.
As per the Takeover guidelines proposed by a Sebi Panel headed by C Achuthan in July last year, an entity buying 25 per cent stake in a company will need to make an open offer to the rest of the shareholders.
Under the existing norms, the trigger point for making an open offer to shareholders was acquisition of 15 per cent equity in the target company through market operations or through a negotiated deal.