Description
NSE Clearing Limited announces the settlement calendar for the takeover offer under the tender offer scheme of Kwality Wall's (India) Limited, with trading window from April 23 to May 7, 2026 and settlement on May 21, 2026.
Summary
NSE Clearing Limited (NCL) has issued the settlement calendar for the takeover offer under the tender offer scheme of Kwality Wall’s (India) Limited (Settlement No. 2026038, Type X). The trading window opens April 23, 2026 and closes May 7, 2026, with obligations downloaded on May 20, 2026 and final settlement on May 21, 2026.
Key Points
- Settlement Type: X, Settlement No.: 2026038
- Demat shares must be tendered via Early Pay-in of Shares through depository mechanism for Market Type Buyback
- Early pay-in of shares on trade end date must be completed well before 3:30 PM
- Securities and funds payout will occur post receipt of funds pay-in on settlement day
- Applicable Securities Transaction Tax (STT) will be collected on the respective settlement day
- Members will receive a Tender Offer Acceptance Report detailing accepted, partially accepted, and rejected orders with reason codes
- Settlement schedule may be revised if there is delay in receipt of acceptance details from RTA or delay in funds pay-in
Regulatory Changes
No new regulatory changes introduced. This circular operationalizes the settlement schedule under the existing framework referenced in circular NCL/CMPT/67751 dated April 29, 2025 and circular NSE/CMTR/73768 dated April 16, 2026.
Compliance Requirements
- Members/Custodians/PCMs must ensure early pay-in of shares through depository mechanisms for Market Type Buyback
- Early pay-in on trade end date (May 7, 2026) must be completed by 3:30 PM
- Members must refer to the scheme document for all other procedural details
- For queries, members must contact the help desk at ncl_tenderoffer@nsccl.co.in or Toll Free: 1800 266 00 50 (Option 2)
Important Dates
| Event | Date |
|---|---|
| Trade Start Date | April 23, 2026 |
| Trade End Date | May 7, 2026 |
| Obligation Download | May 20, 2026 |
| Settlement Date | May 21, 2026 |
Impact Assessment
This circular directly affects shareholders of Kwality Wall’s (India) Limited who wish to tender shares in the takeover offer, as well as trading members and custodians facilitating the process. The defined settlement window (April 23 – May 7) gives market participants a clear timeline for participation. The conditional note on schedule revision introduces some uncertainty but is standard practice. The 26 rejection reason codes in Annexure I provide transparency on grounds for non-acceptance, helping members ensure compliant submissions and reduce rejection risk.
Impact Justification
Defines binding settlement schedule for a live takeover tender offer affecting shareholders and trading members of Kwality Wall's (India) Limited with specific action deadlines.