The Listed Companies (Substantial Acquisition of Voting Shares & Take-Overs) Regulations, 2017 were promulgated on 1st August 2017 by Securities and Exchange Commission of Pakistan (“SECP”). The Listed Companies (Substantial Acquisition of Voting Shares & Take-Overs) Regulations, 2017 repealed the Listed Companies (Substantial Acquisition of Voting Shares & Take-Overs) Regulations, 2008 which were made under the powers conferred by Section 29-A of the Listed Companies (Substantial Acquisition of Voting Shares and Take-Overs) Ordinance, 2002 (the “2002 Ordinance”) to SECP in order to carry out the purposes of the 2002 Ordinance and incidental or connected matters. These Regulations are divided into 9 Chapters and further contain 11 Schedules. In Listed Companies (Substantial Acquisition of Voting Shares & Take-Overs) Regulations, 2017 the term offer letter is defined as the letter to be issued by the acquirer to the shareholders whose names appear on the register of members of the target company as on the date of book closure, the custodians of Global Depository Receipts, the custodians of American Depository Receipt and holders of convertible securities (where the period of conversion falls within the offer period) in pursuance of Section 117 of the Act and in accordance with the specifications provided in Schedule I of the Listed Companies (Substantial Acquisition of Voting Shares & Take-Overs) Regulations, 2017