sebi:CO/77/CRD/11/04

SEBI · SEBI · 2004-07-28 · G N Bajpai, Chairman

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Facts / Headnote

Exemption granted from complying with Regulation 11(1) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 for the proposed acquisition of 15,00,000 equity shares of Pioneer Distilleries Ltd.

Provisions invoked

• s. 19

Regulations

• Reg. 4
• Reg. 11
• Reg. 4(2)
• Reg. 11(1)

Holding

SEBI granted exemption to the four acquirers (promoters) from the requirement of making a public announcement under Regulation 11(1) of the Takeover Regulations in respect of their proposed acquisition of 15,00,000 equity shares of Pioneer Distilleries Ltd. by way of reissue of forfeited shares.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against Pioneer Distilleries Ltd Nov 05, 2004 | Orders : Orders of Chairman/Members CO/77/CRD/11/04 SECURITIES AND EXCHANGE BOARD OF INDIA

1.1 Pioneer Distilleries Ltd. (hereinafter referred to as ‘the target company’) is a public limited company, incorporated under the Companies Act, 1956 and has its registered office at Balapur (V), Dharmabad Taluk , Nanded (Dist.) , Maharashtra. 1.2 The equity shares of the target company are listed on The Stock Exchange Mumbai and Pune Stock Exchange Ltd. 1.3 Shri K V Rajeshwar Rao , Shri K Sudhir Rao, Shri K Suhan Rao and Shri L Venketeswara Rao are the promoters of the target company and together with their relatives and other promoters, hold 45.89% equity shares of the target company. Shri K V Rajeshwar Rao , Shri K Sudhir Rao, Shri K Suhan Rao and Shri L Venketeswara Rao (hereinafter referred to as ‘acquirers’) are at present holding 32.75% of the equity shares of the target company. 1.4 The acquirers propose to acquire 15,00,000 equity shares from the company, being a part of the forfeited share capital of the company. APPLICATION FOR EXEMPTION 2.0 The acquirers made an application dated July 28,2004 under regulation 4 of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as the ‘Takeover Regulations’) seeking exemption from the applicability of regulation 11(1) of the ‘Takeover Regulations’, in respect of the proposed acquisition of 15,00,000 equity shares of the target company at Rs. 10/- per share, out of the total forfeited shares of 16,07,200 shares. Pursuant to the proposed acquisition, the shareholding of the acquirer

Shareholder’s category No. of registered shareholders as on date of application Before the proposed acquisition After a No. of shares/total voting rights held %

Source: SecMarx — sebi:CO/77/CRD/11/04. 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.