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  • Conditions for a Mandatory Offer

    • TMA-3.1.1

      A mandatory offer is required when:

      (a) Any person acquires, whether by series of transactions over a period of time or not, 30% or more of the voting rights of a company;
      (b) Two or more persons are acting in concert and they collectively hold less than 30% of the voting rights of a company, and any one or more of them acquires voting rights which increases to 30% or more of the voting rights of the company; or
      (c) Any person holds not less than 30% of the voting rights of a company but does not hold shares carrying more than 50% of such voting rights acquires additional shares carrying more than 1% of the voting rights in any period of 6 months; or
      (d) Two or more persons are acting in concert, and they collectively hold not less than 30%, but not more than 50% of the voting rights of a company, and any one or more of them acquires additional voting rights carrying more than 1% of the voting rights in any period of 6 months.
      Amended: October 2019

    • TMA-3.1.2

      The person making the mandatory offer is required to extend offers to all holders of each class of equity share capital of the company, whether the class carries voting rights or not, and also to the holders of any class of voting non-equity share capital in which such person, or persons acting in concert with him, hold shares.

      Amended: October 2019

    • TMA-3.1.3

      Offers for different classes of equity share capital should be consulted in advance in such cases.

      Amended: October 2019