sebi:WTM/SKM/CFD/5/2020-21

SEBI · SEBI · 2021-02-05 · S.K. Mohanty, Whole Time Member

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Facts / Headnote

Exemption granted to Pantone Finvest Limited from complying with regulation 3(2) read with regulation 10(1)(a)(ii) of the Takeover Regulations 2011 with respect to proposed direct acquisitions in Tata Communications Limited; Application disposed of.

Provisions invoked

• s. 19
• s. 11(1)
• s. 11(2)

Regulations

• Reg. 4
• Reg. 11
• Reg. 3
• Reg. 8
• Reg. 201
• Reg. 3(2)
• Reg. 10(5)
• Reg. 10(1)(a)
• Reg. 11(5)

Holding

SEBI granted Pantone Finvest Limited exemption from the obligation to make an open offer under regulation 3(2) read with regulation 10(1)(a)(ii) of the Takeover Regulations 2011, and from the Pricing Condition under the proviso to regulation 10(1)(a), in respect of the proposed direct acquisition of shares in Tata Communications Limited from the Government of India.

Full text

________________________________________________________________________________________________ Order in the matter of Tata Communications Limited Page 1 of 9 WTM/SKM/CFD/5/2020-21

________________________________________________________________________________________________ Order in the matter of Tata Communications Limited Page 2 of 9

________________________________________________________________________________________________ Order in the matter of Tata Communications Limited Page 3 of 9 (ii) persons named as promoters in the shareholding pattern filed by the target company in terms of the [listing regulations or as the case may be, the listing agreement] or these regulations for not less than three years prior to the proposed acquisition; Provided that for purposes of availing of the exemption under this clause,— (i) If the shares of the target company are frequently traded, the acquisition price per share shall not be higher by more than twenty-five per cent of the volume-weighted average market price for a period of sixty trading days preceding the date of issuance of notice for the proposed inter se transfer under sub-regulation (5), as traded on the stock exchange where the maximum volume of trading in the shares of the target company are recorded during such period, and if the shares of the target company are infrequently traded, the acquisition price shall not be higher by more than twenty-five percent of the price determined in terms of clause (e) of sub-regulation (2) of regulation 8;

Source: SecMarx — sebi:WTM/SKM/CFD/5/2020-21. 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.