The regulator has suggested that if the acquirer wants to delist, a differential pricing must be proposed. The open offer price for delisting should be higher than the minimum offer price. If the response from minority shareholders leads to the delisting threshold of 90% met, all shareholders who tender their shares must be paid the delisting price. In a letter separately to Sebi, investors said that the proposed changes will shift the ‘bargaining power’ from shareholders to promoters. They do not want any changes in the RRB process.
