Reverse book building

A promoter holds 75% and seeks to delist. The floor price is ₹380 and the indicative price ₹450. Public bids (as % of total shares, at price): 2% at ₹400, 3% at ₹420, 3% at ₹450, 2% at ₹480, 6% at ₹900 (one fund), 1% at ₹1,000. The rest of the public (8%) does not tender. (a) Find the discovered price. (b) Prove Proposition 6A.9 and identify the quantile here. (c) The acquirer rejects the discovered price. Is a counter-offer allowed under the 2024 rules? What is its minimum price? Will it succeed if the fund refuses? (d) What is the minimum fixed price under the fixed-price route? Why might the acquirer prefer it at the outset?