The Securities & Exchange Board of India's takeover panel has recommended hiking the open offer trigger to 25 per cent from 15 per cent. Addressing mediapersons in Mumbai on Monday, SEBI Takeover Regulatory Advisory Committee Chairman C Achutan said the panel has decided to re-write the entire takeover code. The panel has also recommended hiking the open offer size to 100 per cent of the equity. Achutan said that if the statutory offer crosses 90% of the equity, companies will be delisted automatically. However, if the offer fails to cross 90%, the public float would have to be maintained at 25%, he explained. As of now, an open offer for a minimum of 20 per cent in the target company is required to be made by any entity that purchases 15 per cent equity, either from the promoters or from the open market. For a voluntary open offer, the minimum offer size would now be 10% with a maximum being 75%. The panel has also recommended reduction in the time-line of open offer to 57 days. The panel has also done away with the non-compete fee in an open offer. SEBI Chairman C B Bhave said that the panel report would now be put up on the website of the market regulator for public comments.