sebi:190-210_190
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Facts / Headnote
Exemption granted from complying with Regulation 11(1) of the Takeover Regulations for the proposed preferential allotment of 20 lakh equity share warrants of Jumbo Bag Ltd., subject to conditions.
Provisions invoked
- s. 19
- s. 292
- s. 372A
Regulations
- Reg. 10
- Reg. 4(4)
- Reg. 11(1)
- Reg. 4
- Reg. 3(3)
- Reg. 3(5)
Holding
SEBI granted exemption to M/s Balaji Trading Enterprises Pvt. Ltd. from complying with Regulation 11(1) of the Takeover Regulations with regard to its proposed preferential allotment of 20 lakh equity share warrants of Jumbo Bag Limited, subject to conditions including completion of formalities within 90 days.
Full text
Page 2 of 11 (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the Takeover Regulations) with Securities and Exchange Board of India (hereinafter referred to as SEBI) inter alia stating the following:-
Page 3 of 11 the target company (considering the expanded capital taking into account the conversion of the warrants). Pursuant to the proposed acquisition, the shareholding of the promoter group of the target company would increase from 38.30% to 46.04%, of the total voting capital of the target company and such increase is more than the creeping limit of 5%.
Page 4 of 11 2.2 In the aforesaid application the acquirer has sought exemption from the applicability of the Regulations 10 & 11 (1) of the Takeover Regulations.
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Source: SecMarx — sebi:190-210_190. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.