Under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, when a mandatory OPEN OFFER is required, the acquirer must make a public announcement to acquire a minimum of ___% of the shares of the target company:

Explanation: Regulation 3 of the SEBI (SAST) Regulations, 2011 mandates that where an acquirer's holdings cross the 25% threshold (or control is acquired), he must make a public announcement of an OPEN OFFER to acquire a minimum of 26% of the voting capital of the target company. The offer must be in accordance with the regulations, including independent-valuation pricing and procedural timelines. The 25% trigger and the 26% minimum offer size are the two commanding numbers of the Takeover Code. Offers under it give minority shareholders an exit on a change of control.