Financial Daily from THE HINDU group of publications
Tuesday, Jan 06, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jan 06, 2004 |
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Regulatory Bodies & Rulings Markets - Buyback Share buyback: SEBI for cut in offer period through tender process Our Bureau
Mumbai , Jan. 5 IN a bid to reduce the cost of buyback of shares by companies, SEBI has recommended offer period for buyback through the tender process be reduced to 15 days. It has also suggested dispensing with the requirement of issuing a daily advertisement for an open market buyback. At present, companies have to issue advertisement whenever they purchase shares from the open market. Permitting buyback only on stock exchanges having nationwide trading terminals is also being recommended. With this measure, the cost of buyback would get reduced from 35.18 per cent of the offer size to 29.58 per cent of the offer size, said the SEBI report for public comments.
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