Description

NSE Clearing announces settlement calendar for takeover offer under tender offer scheme of SAL Steel Limited with trading period from November 28, 2025 to December 11, 2025.

Summary

NSE Clearing Limited has issued the settlement calendar for the takeover offer under the Tender Offer scheme of SAL Steel Limited. The trading window will be open from November 28, 2025 to December 11, 2025, with obligation download scheduled for December 24, 2025 and settlement date on December 26, 2025. This circular is in reference to previous circulars NCL/CMPT/67751 dated April 29, 2025 and NSE/CMTR/71458 dated November 25, 2025.

Key Points

  • Settlement Type: X, Settlement No: 2025127
  • Trade Start Date: November 28, 2025
  • Trade End Date: December 11, 2025
  • Obligation Download: December 24, 2025
  • Settlement Date: December 26, 2025
  • Demat shares can only be tendered through Early Pay-in mechanism via depositories for Market Type Buyback
  • Early pay-in of shares must be made well in advance for order acceptance up to 3:30 PM on trade end date
  • Securities Transaction Tax (STT) applicable and will be collected on settlement day
  • Settlement schedule may be revised in case of delay in receipt of acceptance details from RTA or delay in funds pay-in

Regulatory Changes

No new regulatory changes introduced. This circular provides operational details for implementing the previously announced takeover offer under the tender offer scheme for SAL Steel Limited.

Compliance Requirements

  • Members must tender demat shares only through Early Pay-in of Shares mechanism using depositories’ early pay-in system for Market Type Buyback
  • Early pay-in of shares must be completed well in advance for order acceptance up to 3:30 PM on the trade end date
  • Members must ensure timely funds pay-in to avoid revised settlement schedules
  • Members should refer to the scheme document for complete details
  • Members will receive Tender Offer Acceptance Report detailing accepted, partially accepted, and rejected orders with reason codes
  • 26 rejection codes may apply for partial or non-acceptance of orders (including signature differences, demat account mismatch, PAN mismatch, duplicate bids, excess shares tendered, etc.)

Important Dates

  • November 28, 2025: Trade start date
  • December 11, 2025: Trade end date (early pay-in deadline 3:30 PM)
  • December 24, 2025: Obligation download date
  • December 26, 2025: Settlement date for securities and funds payout

Impact Assessment

Shareholder Impact: High impact for SAL Steel Limited shareholders who wish to participate in the takeover offer. Shareholders must ensure their shares are available for early pay-in and meet all eligibility criteria to avoid rejection.

Broker/Member Impact: Trading members and custodians need to coordinate with clients for timely early pay-in of shares and ensure all documentation is in order. They must monitor 26 different rejection codes that could lead to order rejection or partial acceptance.

Market Impact: Limited to SAL Steel Limited and its stakeholders. The tender offer process follows established procedures with clear timelines. The settlement may be delayed if there are issues with RTA acceptance details or funds pay-in, which could affect participant liquidity planning.

Operational Considerations: The 14-day trading window provides adequate time for participation. The 13-day gap between trade end and obligation download allows for processing of acceptance details. Members should prepare for potential settlement schedule revisions due to operational delays.

Impact Justification

High importance for SAL Steel shareholders and brokers participating in the takeover offer. Medium overall market impact as it affects only one specific security and its stakeholders during the tender offer period.