Companies must intimate names of acquirers: SEBI
India's market regulator SEBI Monday stipulated that companies have to intimate the bourses details of acquirers and the persons acting in concert (PAC) in the case of acquisitions and takeovers.
The Securities and Exchange Board of India (SEBI) has also stipulated that details like names of the PAC, whether they are part of the promoter group and their permanent account number (PAN) have to be filed with the stock exchanges.
However, the bourses need not share the information with the public, it said.
According to SEBI, companies have to use the revised format for disclosure under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations.
(Posted on 25-08-2014)