Description
NSE Clearing announces settlement calendar for GHCL Limited buyback offer with trading period from November 20-26, 2025 and settlement on December 2, 2025.
Summary
NSE Clearing Limited has issued the settlement calendar for the buyback offer under tender offer scheme by GHCL Limited. The trading period will run from November 20-26, 2025, with obligation download on December 1, 2025 and settlement date on December 2, 2025. This circular provides detailed instructions for demat share tendering, early pay-in mechanism, and lists rejection codes for partial or non-acceptance of orders.
Key Points
- Trading period: November 20-26, 2025 (Settlement No. 2025125, Type X)
- Obligation download scheduled for December 1, 2025
- Settlement date: December 2, 2025
- Demat shares to be tendered through early pay-in mechanism for Market Type Buyback
- Early pay-in deadline: 3:30 PM on trade end date (November 26, 2025)
- Securities and funds payout post receipt of funds on settlement day
- Securities Transaction Tax (STT) will be collected on settlement day
- Tender Offer Acceptance Report will detail accepted, partially accepted, and rejected orders with reason codes
- Settlement schedule may be revised in case of delays in acceptance details from RTA or funds pay-in
Regulatory Changes
No regulatory changes introduced. This circular implements existing buyback regulations and provides operational procedures for the GHCL Limited tender offer buyback as referenced in earlier circulars NCL/CMPT/67751 dated April 29, 2025 and NSE/CMTR/71326 dated November 17, 2025.
Compliance Requirements
- Trading Members: Must ensure demat shares are tendered only through early pay-in mechanism of depositories
- Early Pay-in Timing: Shares must be submitted well in advance for order acceptance up to 3:30 PM on November 26, 2025
- Documentation: Members must refer to the scheme document for complete details
- Rejected Orders: Members should review Annexure I for 26 rejection reason codes including signature mismatches, transmission issues, invalid transfer deeds, PAN mismatches, demat account name mismatches, and eligibility issues
- Helpdesk Contact: Queries to be directed to ncl_tenderoffer@nsccl.co.in or toll-free 1800 266 00 50 (Option 2)
Important Dates
- November 18, 2025: Circular issued
- November 20, 2025: Trade start date
- November 26, 2025: Trade end date; early pay-in deadline (3:30 PM)
- December 1, 2025: Obligation download date (subject to change)
- December 2, 2025: Settlement date (subject to change)
Impact Assessment
Impact on GHCL Shareholders: Shareholders wishing to participate in the buyback must adhere to strict timelines, particularly the early pay-in requirement by 3:30 PM on November 26, 2025. Failure to comply with any of the 26 listed rejection criteria could result in non-acceptance of tendered shares.
Impact on Trading Members: Members must coordinate demat share transfers through depositories’ early pay-in mechanism and ensure all documentation is proper to avoid rejections. The conditional settlement date means members should monitor for potential schedule revisions based on RTA acceptance details or fund receipt delays.
Operational Considerations: The comprehensive list of 26 rejection codes (ranging from signature issues to eligibility problems) requires careful validation of all tender submissions to ensure successful participation in the buyback offer.
Impact Justification
Company-specific buyback settlement schedule affecting GHCL shareholders and trading members participating in the tender offer, with defined operational timelines and procedures.