Question
Under Regulation 29(2) of SEBI (SAST) Regulations, 2011,
any person who holds 5% or more shares/voting rights in a target company must disclose any change in shareholding if the change exceeds:ÂSolution
Correct Answer: 2% of total shareholding Explanation: This is governed by Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- The Rule: If an acquirer already holds 5% or more shares or voting rights in a target company, they are required to make a disclosure for every acquisition or disposal of shares that aggregates to 2% or more of the shares or voting rights.
- Timeline: This disclosure must be made to the company and the stock exchanges where the shares are listed within 2 working days of the receipt of intimation of allotment of shares or the acquisition/disposal of shares.
- Purpose: This ensures transparency so that the market and the company are aware of significant changes in the holding pattern of major shareholders.
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