New Delhi,Reserve Bank
of India (RBI) has informed that in order to provide operational flexibility
and ease the procedures, it has been decided to permit Authorised Dealer (AD)
Category-I banks to issue bank guarantee, without prior approval of the RBI, on
behalf of a non-resident acquiring shares or convertible debentures of an
Indian company through open offers/delisting/exit offers, provided,
the transaction is in compliance with
the provisions of the Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeover) [SEBI (SAST)] Regulations;
the guarantee given by the AD Category-I bank
is covered by a counter guarantee of a bank of international repute. The
guarantee shall be valid for a tenure co-terminus with the offer period as
required under the SEBI (SAST) Regulations. In case of invocation
of the guarantee, the (AD) Category-I bank is required to submit to RBI, a
report on the circumstances leading to the invocation of the guarantee.
This information was given by the Minister of State for Finance, Smt. Nirmala
Sitharaman in written reply to a question in Lok Sabha today.
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