Open Offers, Buybacks & Delisting
NLF Consultancy provides full-service management for Open Offers (takeover bids), Share Buybacks, and Delisting — three of the most regulation-intensive transactions in the Indian capital markets, all governed by SEBI regulations.
These transactions require expert knowledge of SEBI's Substantial Acquisition of Shares and Takeovers Regulations, Buyback of Securities Regulations, and Delisting of Equity Shares Regulations — along with precise execution within tight regulatory timelines.
As a SEBI Category I Merchant Banker, NLF is authorised to act as Manager to the Offer for all three transaction types.
Regulatory Note: This is a SEBI-regulated activity. NLF Consultancy Services Pvt. Ltd. is registered as a Category I Merchant Banker (Reg. No. INM000013439).
What We Offer
Open Offer — Manager to the Offer
Managing all aspects of a mandatory or voluntary open offer under the SEBI Takeover Code.
Share Buyback Management
Managing open market, tender offer, and board-approved buybacks under SEBI Buyback Regulations.
Voluntary & Compulsory Delisting
Managing the delisting process under SEBI's Delisting Regulations, including price discovery and SEBI filings.
Fairness Opinions
Providing independent fairness opinions on offer prices for open offers and buybacks.
Regulatory Coordination
Managing all SEBI filings, stock exchange intimations, and public announcements within required timelines.
Escrow & Settlement
Coordinating with escrow banks, depositories, and registrars for payment and share transfer processes.
Our Process
Transaction Assessment
We assess the trigger for the transaction (acquisition, board decision, or regulatory requirement) and advise on the optimal approach.
Public Announcement
We draft and publish the required public announcements in SEBI-specified newspapers within regulatory deadlines.
SEBI Filing & Due Diligence
We prepare and file the Detailed Public Statement and Letter of Offer with SEBI, responding to all observations.
Tendering / Buyback Period
We manage the tendering or buyback window, coordinating with stock exchanges and depositories.
Settlement & Completion
We manage payment to shareholders, share extinguishment (for buybacks), and completion filings with SEBI.
Ready to discuss your Open Offer, Buyback or Delisting requirements?
Our team responds within 1–2 business days.