Description
NSE Clearing publishes settlement calendar for the takeover offer of J.B. Chemicals & Pharmaceuticals Limited with trading period from November 18 to December 1, 2025.
Summary
NSE Clearing Limited has announced the settlement calendar for the takeover offer under Tender Offer scheme of J.B. Chemicals & Pharmaceuticals Limited. The trading window will be open from November 18, 2025 to December 1, 2025, with obligation download on December 12, 2025 and settlement date on December 15, 2025. This circular provides detailed instructions for tendering demat shares through early pay-in mechanism.
Key Points
- Settlement Type: X, Settlement Number: 2025121
- Trading window: November 18, 2025 to December 1, 2025
- Demat shares must be tendered through early pay-in mechanism for Market Type Buyback
- Early pay-in of shares must be completed by 3:30 PM on trade end date
- Securities Transaction Tax (STT) will be collected on settlement day
- Tender Offer Acceptance Report will detail accepted, partially accepted, and rejected orders
- Settlement schedule may be revised in case of delays from RTA or buying member
Regulatory Changes
No new regulatory changes introduced. This circular implements the takeover offer process as per existing SEBI takeover regulations, following previous circulars NCL/CMPT/67751 dated April 29, 2025 and NSE/CMTR/71226 dated November 11, 2025.
Compliance Requirements
- Trading Members: Must use early pay-in mechanism through depositories for tendering demat shares
- Shareholders: Must ensure early pay-in of shares is completed well in advance by 3:30 PM on December 1, 2025
- Buying Trading Members: Must complete funds pay-in as per schedule to avoid settlement delays
- All Members: Should review the 26 rejection codes listed in Annexure I to ensure proper tender submissions
- Members must refer to the scheme document for complete details of the takeover offer
Important Dates
- November 14, 2025: Circular issue date
- November 18, 2025: Trade start date
- December 1, 2025: Trade end date (early pay-in deadline: 3:30 PM)
- December 12, 2025: Obligation download date (subject to change)
- December 15, 2025: Settlement date (subject to change)
Impact Assessment
Market Impact: High - This takeover offer affects all shareholders of J.B. Chemicals & Pharmaceuticals Limited who wish to participate in the tender offer. The two-week trading window provides adequate time for shareholders to tender their shares.
Operational Impact: Trading members and custodians must ensure their systems are configured for early pay-in mechanism and be aware of the 26 rejection codes that could result in non-acceptance of orders. Common rejection reasons include signature differences, PAN mismatches, demat account mismatches, excess shares tendered, and missing documentation.
Investor Impact: Shareholders have a defined window to participate in the takeover offer with clear settlement timelines. Securities and funds payout will occur only after receipt of funds pay-in on settlement day, which may be subject to delays from RTA or buying members.
For queries, members can contact the helpdesk at toll-free number 1800 266 0050 (Option 2) or email ncl_tenderoffer@nsccl.co.in.
Impact Justification
Critical takeover offer settlement schedule affecting shareholders of J.B. Chemicals with specific trading and settlement timelines