- Securities Law
- Specimen
- Advertisement under Regulation 18(7) - SEBI SAST Regulations, 2011
- Mehak Chanotiya
September 18, 2026
Advertisement under Regulation 18(7) - SEBI SAST Regulations, 2011
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A statutory advertisement format published by the manager to the open offer on behalf of the acquirer, providing key offer updates, acceptance procedures, pricing details, and the comprehensive schedule of activities under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Format for Advertisement under Regulation 18(7) in terms of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
This Advertisement is being issued by [Manager to the Offer], on behalf of [Acquirer(s)] pursuant to Regulation 18(7) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 in respect of the open offer to acquire shares of the [Target Company]. The Detailed Public Statement with respect to the aforementioned offer was made on [date] in the [name] newspapers.
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Sl. No. |
Particulars |
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1. |
Offer price, indicate revision, if any. |
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2. |
Board's recommendation on the final offer price along with details of newspapers where the same was published. |
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3. |
In case, it is a competing offer, give details of the original bid viz. Name of Original bidder, No & % of shares proposed to be acquired by the Original bidder, the offer price, the dates and names of newspapers in which that Public Announcement appeared. |
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4. |
Indicate that Letter of Offer has been dispatched to the shareholders. |
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5. |
Shareholders' attention may be invited to the fact that the Letter of Offer along with form of acceptance would also be available at SEBI website (http://www.sebi.gov.in/) and downloading the form of acceptance from the website for applying in the offer is one of the alternatives available to them. Further, in case of non-receipt/non-availability of the form of acceptance/withdrawal, the application can be made on plain paper along with the following details: |
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a. |
In case of physical shares: Name, address, distinctive numbers, folio nos., number of shares tendered/withdrawn. |
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b. |
In case of dematerialized shares: Name, address, number of shares tendered/withdrawn, DP name, DP ID, Beneficiary account no. and a photocopy of delivery instruction in "off market" mode or counterfoil of the delivery instruction in "off market" mode, duly acknowledged by the DP in favour of the Depository Escrow Account. |
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6. |
Any other changes suggested by SEBI in their comments to be incorporated. |
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7. |
Any other material change from date of the PA (example status of approvals etc). |
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8. |
Details regarding the status of the Statutory and other approvals |
9. Schedule of Activities
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Activity |
Day and Date |
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Public Announcement (PA) Date |
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Detailed Public Statement (DPS) Date |
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Identified Date |
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Last date for making a competing offer |
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Date when Letter of Offer were dispatched |
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Date of commencement of tendering period |
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Date of closure of tendering period |
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Date by which the acceptance / rejection would be intimated and the corresponding payment for the acquired shares and/or the share certificate for the rejected shares will be dispatched. |
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Date by which the underlying transaction which triggered open offer will be completed. |
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Author Bio
Mehak Chanotiya
CS Trainee dedicated to mastering the nuances of Indian corporate law and secretarial practice. View Full Profile


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