sebi:WTM/KMA/CFD/46/03/2009
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Facts / Headnote
Exemption granted from Regulation 11(2) of the Takeover Regulations
Provisions invoked
- s. 19
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
- Reg. 5
- Reg. 11(2)
Holding
SEBI granted exemption to the acquirers (Godrej Industries Ltd. and Persons Acting in Concert) from complying with Regulation 11(2) of the Takeover Regulations with respect to the increase in percentage shareholding and voting rights from 78.57% to 80% in Godrej Industries Limited pursuant to the proposed buy-back of up to 57,00,000 paid-up equity shares.
Full text
Page 2 of 7 seeking exemption from the provisions of Regulation 11(2) of the Takeover Regulations. The above mentioned sixty six promoters are hereinafter collectively referred to as the acquirers for the sake of brevity. The target company made the following submissions in the aforesaid application.
Page 3 of 7 by the target company. The acquirers do not intend to offer their equity shares to the target company in response to the buy-back offer.
Page 4 of 7 of 10% in the Target Company’s case for continuous listing shall be retained. The panel found the proposal to be in the interest of the public shareholders and the Company at large and hence recommended the exemption to the acquirer Godrej Industries Ltd. and the Persons Acting in Concert with it”.
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Source: SecMarx — sebi:WTM/KMA/CFD/46/03/2009. 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.