sebi:WTM/RKA/CFD/03/2012
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Facts / Headnote
Exemption granted subject to conditions; application dated April 28, 2011 disposed off
Provisions invoked
- s. 19
- s. 192A
Regulations
- Reg. 13
- Reg. 11
- Reg. 16
- Reg. 10
- Reg. 12
- Reg. 8
- Reg. 14
- Reg. 4(4)
- Reg. 3(1)
- Reg. 18
- Reg. 20(5)
- Reg. 16(1)
- Reg. 7(4)
Holding
Exemption was granted to the three applicants from making a public announcement under regulation 3(1) read with regulations 13, 14 and 15 and from filing the letter of offer under regulation 16(1) of the New Takeover Regulations for acquisition of 8,21,300 equity shares (74.31%) of Kharikatia Tea & Industries, subject to compliance with seven specified conditions including an alternate individual exit offer.
Full text
Page 2 of 9 Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the Takeover Regulations), seeking exemption from the provisions of Regulations 10, 11(1) and 11(2) of the Takeover Regulations in respect of their proposed acquisition of 8,21,300 equity shares (74.31% of the paid-up capital) of the target company.
Page 3 of 9 unwanted expenditure, exemption is sought from making public announcement and other procedural requirements under regulations 13, 14,15 and 16 of the Takeover Regulations ; h. the applicants have not made any acquisition during the twenty six week period prior to the date of the application ; i. since the shares of the target company are infrequently traded , the minimum offer price is fixed at `111/- per share (being the negotiated price) as per Regulation 20(5) of the Takeover Regulations ;
Page 4 of 9 shareholding in public category has gone up from 0.62% to 25.69% of the company’s total paid-up capital. After careful consideration of the matter the panel agreed for recommending exemption to the Acquirers from requirement of making a public announcement as required under Regulation 10 read with Regulations 14, 15 and 16 of the Takeover Regulations and submission of the draft letter of offer to SEBI as required under regulation 18 of Takeover regulations subject to the conditions provided in para 6.4 of the aforesaid SEBI order dated January 31, 2006.
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Source: SecMarx — sebi:WTM/RKA/CFD/03/2012. 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.