New SEBI proposals could hit Indian buyouts
The takeover panel of SEBI, India's securities regulator, has proposed raising the mandatory open offer level in Indian takeovers to 100% of all of a target's shares, above a threshold of 25%, making buyouts in the country potentially far more expensive.
The rationale for SEBI's proposals is to ensure equal chances for smaller shareholders to benefit from deals. However, critics have already warned that the proposals could favor foreign buyers, given the...
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