sebi:WTM/KCV/CFD/06/2025-26

SEBI · SEBI · 2016-10-20 · Whole Time Member (Kamlesh Chandra Varshney)

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Facts / Headnote

Exemption granted from making an open offer under sub-regulation (1) of regulation 3 and regulation 5 read with regulation 4 of the SAST Regulations, 2011, subject to conditions; Application dated July 10, 2025 disposed of.

Provisions invoked

• s. 11
• s. 19

Regulations

• Reg. 4
• Reg. 11
• Reg. 3
• Reg. 5
• Reg. 10(1)(a)
• Reg. 31

Holding

SEBI granted exemption to Nikhil Sawhney Trust from the obligation to make an open offer under sub-regulation (1) of regulation 3 and regulation 5 read with regulation 4 of the SAST Regulations, 2011 in respect of the proposed indirect acquisition of shares and control in Triveni Turbine Limited through the transfer of shares of Subhadra Trade and Finance Limited, subject to specified conditions.

Full text

__________________________________________________________________________________________ Exemption Order in the matter of Triveni Turbine Limited Page 2 of 13 referred to as “Applicant/Acquirer Trust”) in respect of proposed indirect acquisitions of shares in the Target Company by the Acquirer Trust.

__________________________________________________________________________________________ Exemption Order in the matter of Triveni Turbine Limited Page 3 of 13 b) Subhadra Trade and Finance Limited (hereinafter referred to as “Subhadra”) is part of Promoter and Promoter group of the Target Company and holds 8,67,24,312 shares (27.28%) in the Target Company. c) The share capital structure of Subhadra is given below: Sr. No Name No. of Shares %

__________________________________________________________________________________________ Exemption Order in the matter of Triveni Turbine Limited Page 4 of 13 Pursuant to the proposed acquisition of shares and voting rights, the Acquirer Trust shall indirectly acquire control over the Target Company.

Source: SecMarx — sebi:WTM/KCV/CFD/06/2025-26. 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.