Description
NSE Clearing announces settlement calendar for VLS Finance Limited's buyback offer under tender offer scheme, with trading from December 18-24, 2025.
Summary
NSE Clearing Limited has issued the settlement calendar for the buyback offer under tender offer scheme by VLS Finance Limited. The trading window will be open from December 18-24, 2025, with obligation download on December 30, 2025, and settlement on December 31, 2025. This circular provides detailed instructions for members regarding the tender process, early pay-in mechanism, and potential rejection codes.
Key Points
- Settlement Type: X, Settlement Number: 2025131
- Trading period: December 18-24, 2025
- Obligation download date: December 30, 2025
- Settlement date: December 31, 2025
- Demat shares tendered only 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 in RTA acceptance details or funds pay-in
- Tender Offer Acceptance Report will detail accepted, partially accepted, and rejected orders with reason codes
Regulatory Changes
No regulatory changes introduced. This circular implements the settlement mechanics for a previously announced corporate action.
Compliance Requirements
- Members must use early pay-in mechanism through depositories for tendering demat shares
- Early pay-in of shares must be completed well in advance by 3:30 PM on December 24, 2025
- Members should refer to the scheme document referenced in circulars NCL/CMPT/67751 (April 29, 2025) and NSE/CMTR/71841 (December 16, 2025)
- Securities and funds pay-out will be made only after receipt of funds pay-in on settlement day
- Members must ensure compliance with all tender offer requirements to avoid rejection (26 rejection codes listed in Annexure I)
Important Dates
- December 18, 2025: Trade start date
- December 24, 2025: Trade end date; early pay-in deadline (3:30 PM)
- December 30, 2025: Obligation download date*
- December 31, 2025: Settlement date*
*Subject to revision in case of delays from RTA or buying trading member
Impact Assessment
Market Impact: Low - This is a company-specific buyback affecting only VLS Finance Limited shareholders who wish to participate in the tender offer.
Operational Impact: Medium for participating members - Members facilitating the buyback must ensure proper early pay-in procedures, coordinate with clients, and manage the settlement timeline around year-end (December 31). The 26 potential rejection reasons require careful attention to documentation and process compliance.
Investor Impact: Medium for VLS Finance shareholders - Eligible shareholders have a defined 7-day window to tender shares. They must ensure demat account details are accurate and shares are submitted through their brokers before the 3:30 PM deadline on December 24, 2025 to participate in the buyback offer.
Impact Justification
Company-specific buyback settlement schedule affecting only VLS Finance shareholders. Medium importance for participants in this tender offer, low overall market impact.