Description
NSE Clearing Limited announces the settlement calendar for the takeover offer under the tender offer scheme of Stylam Industries Limited, with trading window from April 22 to May 6, 2026 and settlement on May 20, 2026.
Summary
NSE Clearing Limited (NCL) has issued the settlement calendar for the takeover offer under the Tender Offer scheme of Stylam Industries Limited. The circular (Ref No: NCL/CMPT/73802, Circular Ref: 0139/2026) provides detailed timelines and instructions for members, custodians, and PCMs participating in the offer.
Key Points
- Settlement Type: X, Settlement No: 2026039
- Trade window runs from April 22, 2026 to May 6, 2026
- Demat shares must be tendered via Early Pay-in mechanism of depositories under Market Type Buyback
- On the trade end date, Early Pay-in of shares must be submitted well in advance before 3:30 PM
- Securities and funds payout will occur post receipt of pay-in of funds on Settlement Day
- Tender Offer Acceptance Report will be provided detailing accepted, partially accepted, and rejected orders with reason codes
- Applicable Securities Transaction Tax (STT) will be collected on the respective settlement day
- NCL may revise the settlement schedule in case of delays from RTA or buying trading member fund pay-in
Regulatory Changes
No new regulatory changes introduced. This circular operationalizes the framework established under circular NCL/CMPT/67751 dated April 29, 2025, and NSE/CMTR/73761 dated April 16, 2026.
Compliance Requirements
- Members must place Early Pay-in of shares through depository mechanisms for Market Type Buyback
- Early Pay-in on trade end date must be completed well before 3:30 PM
- Members should refer to the scheme document (NCL/CMPT/67751) for all other details
- For queries, members must contact the help desk at ncl_tenderoffer@nsccl.co.in or Toll Free: 1800 266 00 50 (Option 2)
- Members should review the Annexure I rejection code list (26 codes) to handle partial or non-acceptance scenarios
Important Dates
| Event | Date |
|---|---|
| Circular Date | April 20, 2026 |
| Trade Start Date | April 22, 2026 |
| Trade End Date | May 6, 2026 |
| Obligation Download | May 19, 2026 |
| Settlement Date | May 20, 2026 |
Impact Assessment
This circular operationally impacts members, custodians, and PCMs participating in the Stylam Industries Limited takeover tender offer. Participants must ensure timely Early Pay-in of demat shares and compliance with the 3:30 PM cut-off on the trade end date. Failure to meet pay-in obligations may result in NCL revising the settlement schedule. The 26-code rejection reason framework (Annexure I) provides transparency on order outcomes, covering scenarios such as signature mismatches, demat/name mismatches, excess tendering, and duplicate bids across all offer types.
Impact Justification
Operational circular relevant to members and custodians participating in the Stylam Industries takeover tender offer; impacts settlement workflows but is limited to this specific offer.