Section 154
of Securities Markets Order, 2013
Section 154
(4)
Within the period of validity of the tender offer, a bidder or persons acting with it may not make any arrangements or enter into agreements-
(a} with holders of securities or separate groups of holders of securities;
(b)
to deal in securities of the issuer;
(c)
if there are favourable conditions attached which are not being extended to all holders of securities.
(5)
During a tender offer period or when a tender offer is in contemplation, neither a bidder nor an issuer whose securities are the subject of a tender offer nor any of their respective advisers may furnish information to some holders of securities that is not made available to all holders of securities, except that information may be furnished in confidence by an issuer to a bona fide potential bidder, but the potential bidder thereby becomes an insider with respect to the issuer and subject to the penalty imposed by section 129.
(6)
Any information provided by an issuer to one bidder is subject to immediate disclosure in the same form to other potential bidders.
Authority's tender offer regulations.