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SEBI, vide notification dated May 17, 2024, has issued the SEBI (Buy-Back of Securities) (Amendment) Regulations, 2024 amending the SEBI (Buy-Back of Securities) Regulations, 2018. Some of the key amendments are as follows:
- any company may buy-back its shares or other specified securities in physical form in the open market through a stock exchange provided that the effect on the price of the equity shares of a company due to material price movement and confirmation of reported event or information may be excluded as per the framework specified under Regulation 30 (11) (disclosure of events or information: The listed entity may on its own initiative also, confirm or deny any reported event or information to stock exchange) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the determination of the volume weighted average market price; and
- any company may buy-back its shares or other specified securities through the book-building process provided that the effect on the price of the equity shares of a company due to material price movement and confirmation of reported event or information may be excluded as per the framework specified under Regulation 30 (11) (disclosure of events or information: The listed entity may on its own initiative also, confirm or deny any reported event or information to stock exchange) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the calculation of the lower end of the price range.
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