Under section 62(1)(a), when a public company offers further shares to existing equity shareholders by a rights issue, the offer must be open for a period of:

Correct answer: C) Not less than fifteen days (or such lesser number of days as may be prescribed) and not exceeding thirty days from the date of the offer

Explanation

Section 62(1)(a)(i) requires the offer to be made by notice specifying the number of shares offered. It must allow a period of not less than fifteen days, or such lesser number of days as may be prescribed, and not exceeding thirty days from the date of the offer, after which an offer not accepted is deemed declined. Exactly twenty-one days, thirty to sixty days and seven to fifteen days are not the statutory window.