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SEC Grants Tender Offer Relief to India-based Issuer

The SEC Division of Corporation Finance (the "Division") granted no-action relief to an India-based issuer that was acting in compliance with India's regulatory regime.

The Division granted relief from the requirements of Exchange Act Rule 14e-1(a) ("Unlawful tender offer practices") to an India-based public limited company ("Issuer") in accordance with India's Companies Act of 2013, as amended, and the Securities and Exchange Board of India’s Buy-Back Regulations (together, the "Indian Regulations"). The exemptive relief allows the Issuer to hold open the Tender Offer for five working days instead of ten, as required by the Indian Regulations.

Primary Sources

  1. SEC Exemptive Order: In the Matter of Larsen & Toubro Limited
  2. Incoming Letter from U.S. Counsel: AZB & Partners on behalf of Larsen & Toubro Limited
  3. SEC Response of the Office of Mergers and Acquisition, Division of Corporation Finance
  4. Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2021
  5. Securities and Exchange Board of India Buy-Back Regulations

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Tags

Regulated Activities
Exchange and Tender Offers
Regulated Entities
Issuers of Securities
Sub-Entity
SEC-Registered Issuers
Body of Law
Securities Law
Jurisdiction
US - Federal
Impacted Foreign Jurisdiction
India
Organization
SEC
Sub-Author
SEC Corp. Fin.