Description
NSE Clearing announces settlement calendar for Akzo Nobel India Limited takeover offer, with trading from October 23 to November 6, 2025, and settlement on November 20, 2025.
Summary
NSE Clearing Limited has announced the settlement calendar for the takeover offer under the Tender Offer scheme of Akzo Nobel India Limited. The settlement (Type X, No. 2025102) will have trading from October 23 to November 6, 2025, with obligation download on November 19, 2025, and settlement date on November 20, 2025. This circular provides operational details for members participating in the tender offer process.
Key Points
- Settlement Type X, Settlement Number 2025102
- Trading window: October 23, 2025 to November 6, 2025
- Obligation download: November 19, 2025
- Settlement date: November 20, 2025
- Demat shares must be tendered through early pay-in mechanism for Market Type Buyback
- Early pay-in deadline: 3:30 PM on trade end date
- Securities Transaction Tax (STT) will be collected on settlement day
- Settlement schedule may be revised in case of delays from RTA or fund pay-in
- Tender Offer Acceptance Report will detail accepted, partially accepted, and rejected orders with reason codes
Regulatory Changes
No new regulatory changes introduced. This circular implements previously announced takeover offer procedures per circular NCL/CMPT/67751 dated April 29, 2025, and NSE/CMTR/70832 dated October 15, 2025.
Compliance Requirements
For Members/Custodians/PCMs:
- Tender demat shares only through early pay-in mechanism of depositories for Market Type Buyback
- Complete early pay-in of shares well in advance for order acceptance by 3:30 PM on trade end date (November 6, 2025)
- Ensure timely funds pay-in to avoid settlement delays
- Review Tender Offer Acceptance Report for order status and rejection reasons
- Pay applicable STT on settlement day
- Refer to scheme document for complete details
- Contact help desk (Toll Free: 1800 266 00 50, Option 2) or email ncl_tenderoffer@nsccl.co.in for queries
Rejection Reasons: 26 rejection codes listed in Annexure I including signature mismatches, invalid documents, PAN mismatches, demat account mismatches, shares not eligible as on record date, and other procedural issues.
Important Dates
- October 16, 2025: Circular date
- October 23, 2025: Trade start date
- November 6, 2025: Trade end date (Early pay-in deadline: 3:30 PM)
- November 19, 2025: Obligation download date
- November 20, 2025: Settlement date
Note: Settlement schedule subject to revision in case of delays in acceptance details from RTA or fund pay-in.
Impact Assessment
Market Impact: Limited to Akzo Nobel India Limited shareholders participating in the takeover offer. Trading members handling client tenders must ensure operational readiness for early pay-in mechanism.
Operational Impact: Members must coordinate with clients to ensure timely early pay-in of shares by the 3:30 PM deadline on November 6, 2025. Any delays in RTA acceptance details or fund pay-in may result in revised settlement schedule affecting payout timelines.
Investor Impact: Shareholders of Akzo Nobel India Limited wishing to participate in the tender offer must work with their brokers to complete early pay-in procedures within the specified trading window. Securities and funds pay-out will occur only after funds pay-in is complete on settlement day.
Impact Justification
Specific settlement calendar for Akzo Nobel takeover offer affecting shareholders tendering shares. Important for participants but limited to single company corporate action.