sebi:WTM/KMA/CFD/47/03/2009
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Facts / Headnote
Exemption granted from Regulation 11(2) of the Takeover Regulations, subject to conditions
Provisions invoked
- s. 19
- s. 77A
Regulations
- Reg. 4
- Reg. 3
- Reg. 11(2)
Holding
The Whole Time Member granted exemption to the acquirers (promoters of Ganesh Housing Corporation Limited) from complying with Regulation 11(2) of the Takeover Regulations with respect to the increase in their percentage shareholding and voting rights from 57.49% to 65.52% pursuant to the target company's proposed buy-back of up to 40,00,000 equity shares.
Full text
Page 2 of 7 India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the Takeover Regulations) on behalf of the promoter group including Mr. Govindbhai C Patel, Mr. Deepak G Patel, Mr. Shekhar G Patel, Ms. Lalitaben G Patel, Mr. Jayantibhai C Patel, Ms. Sapnaben D Patel, Mr. Hemang J Patel, Ms. Kailashben J Patel and Shri Ganesh Construction Private Limited (hereinafter collectively referred to as the acquirers) seeking exemption from the provisions of Regulation 11(2) of the Takeover Regulations. The acquirers inter alia made the following submissions in the said application:
Page 3 of 7 iv) In case of 100% response to the proposed buyback offer of the target company, assuming that 40,00,000 equity shares are bought back, the voting rights of the acquirers would increase from 57.49% to 65.52%.
Page 4 of 7 Before the Proposed buy back After the Proposed buy back Shareholders Category No. of registered Shareholders as on 12.12.2008 No of Shares/ total voting rights held % of Shares/ total voting rights held No of Shares/ total voting rights held % of Shares/ total voting rights held Promoters & Promoter Group / Acquirers 12 18774723 57.49 18774723 65.52 FIs/ Banks, MFs 4 1517244 4.65 FIIs/ NRIs/ OCBs 87 8007024 24.52 Public 10052 4356889 13.34 9881157 34.48 Total 10155 32655880 100 28655880 100
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Source: SecMarx — sebi:WTM/KMA/CFD/47/03/2009. 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.