Description

Settlement calendar and early pay-in procedures for the takeover offer to buy acquisition window for Avishkar Infra Realty Limited from December 23, 2025 to January 6, 2026.

Summary

BSE has announced the settlement calendar for the Offer to Buy – Acquisition Window (Takeover) for AVISHKAR INFRA REALTY LIMITED. The bidding window will be open from December 23, 2025 to January 6, 2026, with settlement number 2025134. Obligation download is scheduled for January 19, 2026, and settlement date is January 20, 2026.

Key Points

  • Settlement Type: Takeover
  • Settlement Number: 2025134
  • Bid Start Date: December 23, 2025
  • Bid End Date: January 6, 2026
  • Obligation Download: January 19, 2026
  • Settlement Date: January 20, 2026
  • Demat shares must be delivered through Early Pay-in of Shares mechanism available in both depositories
  • Market Type “(Takeover)” and settlement number 2025134 to be used by Members/Custodians in depository system
  • Members should refer to Notice No.20200528-32 dated May 28, 2020 for revised guidelines on mechanism for acquisition of shares through Stock Exchange

Regulatory Changes

No new regulatory changes introduced. This circular implements existing guidelines for takeover offers through the acquisition window mechanism as per Notice No.20200528-32 dated May 28, 2020.

Compliance Requirements

  • Members/Custodians: Must deliver demat shares only through Early Pay-in of Shares mechanism
  • Members/Custodians: Must use Market Type “(Takeover)” and settlement No.2025134 in the depository system
  • Participants: Must ensure early pay-in of securities is reflected in BSE/ICCL systems before prescribed timelines for accepting/confirming bids
  • Participants: Must complete early pay-in process sufficiently in advance before BSE OTB Bidding window closure
  • CDSL & NSDL: Early pay-in securities will be earmarked/blocked in clients’ accounts in requisite market type and settlement number
  • Members & Custodians: NOT required to upload any EPN file
  • Members: Should refer to MBRSTD_OTB_CM_mmm_SettNo file for client-wise Stamp Duty charges

Important Dates

  • December 23, 2025: Bid start date
  • January 6, 2026: Bid end date
  • January 19, 2026: Obligation download
  • January 20, 2026: Settlement date

Impact Assessment

Market Impact: Limited to shareholders of Avishkar Infra Realty Limited and trading members/custodians participating in the takeover offer. The acquisition window provides an organized platform for the takeover process.

Operational Impact: Trading members and custodians must ensure timely early pay-in of securities through depository systems to meet bid acceptance and confirmation deadlines. Proper coordination between members, custodians, and depositories (CDSL/NSDL) is essential for smooth settlement.

Stakeholder Impact: Shareholders wishing to participate in the takeover offer have a 15-day window (December 23, 2025 to January 6, 2026) to submit their bids through the acquisition window mechanism.

Impact Justification

Procedural notice for takeover settlement schedule affecting specific company shareholders and trading members participating in the acquisition window