sebi:WTM/GM/CFD/88/2017-18
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Facts / Headnote
Interim directions dated July 19, 2017 revoked; matter disposed off without any further enforcement action.
Provisions invoked
- s. 12A
Regulations
- Reg. 38
- Reg. 7(4)
Parties
- Swaraj Automotives Ltd.
- directors of Swaraj Automotives Ltd.
- promoters of Swaraj Automotives Ltd.
- promoter group of Swaraj Automotives Ltd.
Holding
The interim directions dated July 19, 2017 are revoked and the matter is disposed without any further enforcement action, as Swaraj Automotives Ltd. achieved 25% public shareholding compliance with effect from November 22, 2017.
Full text
Order in the matter of Swaraj Automotives Ltd. Page 2 of 5 Regulation 7(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Order in the matter of Swaraj Automotives Ltd. Page 3 of 5 TABLE 2 OFS Issue Promoter Shareholdi ng (Pre) in % Offer for sale made for in % Actual shares sold in OFS in % Promoter Shareholdi ng (Post) in % Period of OFS IV 81.68 6.68 1.37 80.31 24.07.2017- 25.07.2017 V 80.31 5.31 1.42 78.89 22.08.2017- 23.08.2017 VI 78.89 3.83 3.46 75.43 26.06.2017- 27.09.2017 VII 75.43 0.43 0.43 75.00 21.11.2017- 22.11.2017
Order in the matter of Swaraj Automotives Ltd. Page 4 of 5 iii. Sale of shares held by promoters through the secondary market in terms of SEBI circular CIR/MRD/DP/05/2012 dated February 1, 2012; iv. Institutional Placement Programme (IPP) in terms of Chapter VIIIA of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009; v. Rights Issue to public shareholders, with promoter/promoter group shareholders forgoing their entitlement to equity shares, that may arise from such issue; vi. Bonus Issues to public shareholders, with promoter/promoter group shareholders forgoing their entitlement to equity shares, that may arise from such issue; vii. Any other method as may be approved by SEBI on a case to case basis. For this purpose, the listed entities may approach SEBI with appropriate details... "
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Source: SecMarx — sebi:WTM/GM/CFD/88/2017-18. 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.