sebi:WTM/ASB/CFD/8/2024-25
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Facts / Headnote
Exemption granted from making open offer under regulation 3(2) of the Takeover Regulations, 2011, subject to conditions; Application disposed of.
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
Regulations
- Reg. 8
- Reg. 201
- Reg. 3(2)
- Reg. 2(1)
- Reg. 13(2)(b)
- Reg. 11(5)
- Reg. 167(1)
Holding
SEBI granted Spice Healthcare Private Limited exemption from the obligation to make an open offer under regulation 3(2) of the Takeover Regulations, 2011 in respect of its proposed acquisition of shares in SpiceJet Limited through conversion of warrants, subject to conditions including an additional six-month lock-in and restriction of additional voting rights to 5% per financial year.
Full text
__________________________________________________________________________________________ Exemption Order in the matter of SpiceJet Limited Page 2 of 10
__________________________________________________________________________________________ Exemption Order in the matter of SpiceJet Limited Page 3 of 10 (e) Accordingly, in order to meet the ECLGS condition and further to strengthen the financial position of the Target Company, the Proposed Acquirer [an entity under ‘promoter group’ within the meaning of regulation 2(1)(pp) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations, 2018”)] infused Rs.200 Crore in the Target Company in the following manner: Rs.101.97 Crore was infused by subscribing to 3,41,72,000 equity shares on preferential basis at an issue price of Rs.29.84 per share determined in accordance with the ICDR Regulations, 2018.
__________________________________________________________________________________________ Exemption Order in the matter of SpiceJet Limited Page 4 of 10 the Takeover Regulations, 2011 on the date of exercise of option to convert such warrants in terms of regulation 13(2)(b) of the Takeover Regulations, 2011.
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Source: SecMarx — sebi:WTM/ASB/CFD/8/2024-25. 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.