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A voluntary open offer under Regulation 6 SEBI (SAST) REGULATIONS, 2011, is an offer made by a person who himself or through Persons acting in concert , if any, holds ………. or more shares or voting rights in the target company but less than the maximum permissible non-public shareholding limit.

Twenty per cent

Twenty five per cent

Twenty six per cent

Ten per cent

Explanation:

Let’s break it down:

- Regulation 6 of SEBI (SAST) Regulations, 2011 talks about voluntary open offers.

- Basically, if someone (alone or with others acting together) already holds a certain percentage *but less than the maximum permitted non-public shareholding*, they can make this open offer voluntarily.

- The specific threshold here is 25% or more shares or voting rights, but not hitting the non-public holding ceiling (which is usually 75% for most listed companies).

- Here’s how the options line up:

- Option 1: 20% – Too low. Earlier takeover codes had thresholds around here, but SAST 2011 moved it higher.

- Option 2: 25% – This is the right number according to the 2011 regulations.

- Option 3: 26% – Not quite. This was relevant under the previous 1997 regulations, but not under the current law.

- Option 4: 10% – Also too low, definitely incorrect for this context.

So, the correct answer is:

Option 2: Twenty five per cent