sebi:WTM/KMA/CFD/321/12/2010
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Facts / Headnote
Exemption granted from the applicability of Regulation 10 of the Takeover Regulations for the acquisition of 2,49,61,860 equity shares (19.53%) of Religare Enterprises Limited by Logos Holding Company Private Limited, subject to conditions.
Provisions invoked
- s. 19
Regulations
- Reg. 7
- Reg. 4
- Reg. 10
- Reg. 4(4)
- Reg. 7(3)
- Reg. 20(4)
- Reg. 20(5)
- Reg. 4(6)
Holding
SEBI granted exemption to Logos Holding Company Private Limited from the requirement of making a public announcement under Regulation 10 of the Takeover Regulations for its acquisition of 19.53% of Religare Enterprises Limited by way of transfer from the Dhillon family members, subject to conditions.
Full text
Page 2 of 10 further stated that Mr. Gurinder Singh Dhillon, Mr. Gurpreet Singh Dhillon, Mrs. Nayantara Dhillon and Mr. Gurkirat Singh Dhillon are together holding 19.53% of the paid up equity share capital of the target company, as given below:
Page 3 of 10 iii. The sole objective behind the proposed transfer is to streamline the scattered holdings held by the individual members of the Dhillon family into one investment vehicle for operational convenience and that the intention behind the proposed transfer is neither to acquire substantial shares nor control over the target company.
Page 4 of 10 2010, details of source of funds for the proposed acquisition, the latest capital position of the acquirer etc. In response, the acquirer, vide letter dated June 10, 2010 had furnished the information.
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Source: SecMarx — sebi:WTM/KMA/CFD/321/12/2010. 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.