The Securities and Exchange Board of India (SEBI) is unlikely to accept a proposal to lift the size of mandatory open offer arising from mergers and acquisitions to 100 % from 20%, the Economic Times reported on Thursday.
A panel set up by the SEBI had proposed changes to takeover rules, including raising the open offer size to make it easier for minority shareholders to participate in open offers.
The SEBI board is scheduled to meet on Monday, the newspaper said, and cited an unnamed SEBI official as saying that the regulator would have to take a "hard look" at the proposal considering the resistance from industry bodies, merchant bankers and corporate lawyers.
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