SEC Grants Exemption for Tender Offer by India-Based Issuer

The SEC Division of Corporation Finance granted an exemption from Exchange Act Rule 14e-1(a) ("Unlawful tender offer practices") for a mandatory tender offer ("Open Offer") conducted under India's legal framework.

The offer, initiated by a foreign purchaser, involves the acquisition of equity shares of an India-based public company in compliance with India's Takeover Regulations.

The exemption allows the Open Offer to adhere to Indian legal requirements, which mandates a fixed tender offer period of 10 working days. This period cannot be extended or shortened except with approval from Indian regulatory authorities.