sebi:MO/67/CFD/08/04

SEBI · SEBI · 2004-07-12 · A K BATRA, WHOLE TIME MEMBER

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Facts / Headnote

Exemption granted from making an open offer under regulation 10 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997

Provisions invoked

• s. 19

Regulations

• Reg. 4
• Reg. 10
• Reg. 5

Holding

SEBI granted exemption to L & T Employees Welfare Foundation from making an open offer under regulation 10 of the Takeover Regulations in respect of its proposed acquisition of 9,62,996 equity shares of Larsen & Toubro Limited, increasing its shareholding from 14.95% to 15.72%.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against Larsen & Toubro Limited Aug 25, 2004 | Orders : Orders of Chairman/Members SECURITIES AND EXCHANGE BOARD OF INDIA

1.1 Larsen & Toubro Ltd. (hereinafter referred to as ‘the target company’) is a public limited company incorporated under the Companies Act, 1956 and having its registered office at L&T House, Ballard Estate, Mumbai–400001. 1.2 The equity shares of the target company are presently listed at The Stock Exchange, Mumbai and National Stock Exchange of India Ltd. 1.3 L & T Employees Welfare Foundation, an independent private trust (hereinafter referred to as ‘the acquirer’) formed for the welfare of the employees of the target company, proposes to acquire 0.77% of the equity share capital of the target company from Samruddhi Swastik Trading and Investments Ltd., a wholly owned subsidiary of the target company. The acquirer, at present holds 14.95% of the total paid up share capital of the target company, which it had acquired from the said Sumrudhi Swastik Trading & Investments Ltd., as per the scheme of arrangement sanctioned by the High Court, Mumbai. After the proposed acquisition the shareholding of the acquirer will increase to 15.72%. 2.0 APPLICATION FOR EXEMPTION 2.1 The acquirer, vide letter dated July 12, 2004, filed an application with the Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) under sub- regulation (2) of regulation 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as ‘the said Regulations’) seeking exemption from making a public offer under regulation 10 of the said regulations, in

Mumbai, on 22.04.04, the acquirer has filed the present application dated July 12, 2004. 2.2 As per the said application dated July 12, 2004 , the shareholding pattern of the target company as on July 09, 2004 is as follows: Shareholders category Number

Source: SecMarx — sebi:MO/67/CFD/08/04. 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.