SEC Grants Exemption for India-Based Tender Offer

The SEC Division of Corporation Finance (the "Division") granted an exemption from tender offer rules to permit a tender offer, conducted under India's legal framework, to have a fixed open offer period of ten "working days."

The exemptive relief resolves a conflict between the Securities and Exchange Board of India's Takeover Regulations and the US Exchange Act Rule 14e-1(a) ("Unlawful tender offer practices"). The latter requires an open offer period of 20 US business days. The incoming request stated that the offer, involves the potential acquisition of shares of "a non-deposit taking non-banking financial company, primarily dealing in the business of gold loans."

The Division note additional representations which were relied upon when granting the exemption.