Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/31, Dated 11.03.2025
Earlier, SEBI introduced a streamlined Rights Issue process under amended ICDR Regulations, 2025, ensuring completion within 23 days from Board approval. Accordingly, board has now notified the revised timelines for completion of the various activities involved in Rights Issue process from the date of Board of Directors of the Issuer approving the Rights Issue till the date of closure of Rights Issue.
Further, In terms of Regulation 87 of SEBI ICDR Regulations and in view of the revised timelines, it is being specified that Rights Issue shall be kept open for subscription for a minimum period of seven days and for a maximum period of 30 days. Also, validation of application bids received for subscribing to the shares in Rights Issue and finalization of basis of allotment shall also be carried out by the Stock Exchanges and Depositories along with the Registrar to the issue.
The provisions of this circular shall come into force from April 07, 2025 and shall be applicable to the Rights Issues that are approved by the Board of Directors of the Issuer from the date of coming into force of this circular.
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