Cos to make public details of buyback offer: SEBI

India Infoline News Service | Mumbai |

As per the norms, the companies would have to complete their buyback offers within six months, from 12 months currently

Market regulator SEBI (Securities and Exchange Board of India) has asked listed companies to make public the details of their buyback activities as mentioned under new regulations.

Merchant bankers are also mandated to file a post-offer report with SEBI. Merchant bankers need to disclose details such as date on which previous buyback was authorised and completed, amount earmarked for the current buyback, whether the amount used is less than 50% of the amount earmarked, date of release of advertisement and name of newspapers where it was published, SEBI said in a circular on Tuesday.

According to the regulator, listed companies would be required to submit details regarding the total amount earmarked for buyback, cumulative amount utilised for buyback till date, maximum number of shares that can be bought back and number of shares bought back during the current reporting period.

According to the new buyback guidelines notified in August, listed companies are required to upload information on their website about shares or other specified securities bought back and submit the same to their respective stock exchanges.

As per the norms, the companies would have to complete their buyback offers within six months, from 12 months currently.


 

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