sebi:WTMO/32/CFD/3/04
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Facts / Headnote
Application rejected
Provisions invoked
- s. 19
- s. 81
Regulations
- Reg. 4
- Reg. 10
- Reg. 105
Holding
The exemption application under Regulation 4(2) for proposed preferential acquisition of 1,71,36,302 equity shares was rejected and the Acquirers were directed to comply with the open offer provisions of Regulations 10 and 11(1) as and when they acquire shares/voting rights in Gujarat Ambuja Exports Ltd.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ In The Matter Of Proposed Acquisition Of Shares Of Gujarat Ambuja Exports Ltd. Exemption Application Under Regulation 4 (2) Of The SEBI (Substantial Acquisition Of Shares And Takeovers) Regulation Mar 31, 2004 | Orders : Orders of Chairman/Members SECURITIES AND EXCHANGE BOARD OF INDIA
In Target Company (GAEL) In GAEL In JBL No. of shares / total voting rights held No. of shares/total voting rights held No. of shares/total voting rights held
present price level after the right issue and hence the response from the shareholders is expected to be absolutely very further submitted that considering the above background even otherwise right issue would be successful only if promoters su the right issue. In such circumstances promoters will get benefit from the right issue as they would get allotment of shares at earth price of Rs. 10/- per share but this price would mean that the equity of the company will increase by many fold. It was also submitted that
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Source: SecMarx — sebi:WTMO/32/CFD/3/04. 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.