sebi:WTMO/CFD/135/03/05

SEBI · SEBI · 2005-02-11 · Madhukar, Whole Time Member

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Facts / Headnote

Exemption granted from making an open offer

Provisions invoked

• s. 19
• s. 15

Regulations

• Reg. 4
• Reg. 4(6)

Holding

SEBI granted exemption to the Union of India from making an open offer under the Takeovers Regulations in respect of the proposed acquisition of 20,00,00,000 equity shares of ITI Limited allotted on a preferential basis pursuant to a revival package.

Full text

Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ ORDER ORDER UNDER REGULATION 4(6) OF SEBI (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997 IN THE MATTER OF PROPOSED ACQUISITION OF SHARES OF ITI LIMITED BY THE UNION OF INDIA WTMO/CFD/135/03/05 1.0       BACKGROUND 1.1             ITI Ltd. (hereinafter referred to as ‘the target company’) is a public limited company incorporated under the Companies Act, 1956 and having its registered office at 45/1 Road, Bangalore – 560 025. 1.2             The target company is a manufacturer and renders services in telephone, telegraph, radio and railway signnalling etc. The equity shares of the target company are listed Bangalore Stock Exchange Association Ltd., The Stock Exchange Mumbai and National Stock Exchange of India Limited.  1.3       The Union of India (hereinafter referred to as the acquirer) is presently holding 6,74,68,190 equity shares of the target company which constitutes 76.67% of its paid up equity 2.0       Application for Exemption  2.1                        The target company submitted an application dated February 11, 2005, (hereinafter called the said application) on behalf of the acquirer as authorised by the Mi Communications & Information Technology to the Securities  and  Exchange  Board  of  India  (hereinafter referred to as ‘SEBI’) under sub-regulation (2) of regulation 4 (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referr

WTMO/CFD/135/03/05 1.0 BACKGROUND 1.1 ITI Ltd. (hereinafter referred to as ‘the target company’) is a public limited company incorporated under the Companies Act, 1956 and having its registered office at 45/1 Magrath Road, Bangalore – 560 025. 1.2 The target company is a manufacturer and renders services in telephone, telegraph, radio and railway signnalling etc. The equity shares of the target company are listed on the Bangalore Stock Exchange Association Ltd., The Stock Exchange Mumbai and National Stock Exchange of India Limited. 1.3 The Union of India (hereinafter referred to as the acquirer) is presently holding 6, 74,68,190 equity shares of the target company which constitutes 76.67% of its paid up equity capital. 2.0 Application for Exemption 2.1 The target company submitted an application dated February 11, 2005, (hereinafter called the said application) on behalf of the acquirer as authorised by the Ministry of Communications & Information Technology to the Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) under sub- regulation (2) of regulation 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as ‘the said Regulations’) seeking exemption from making a public offer in respect of the proposed acquisition of shares of 20,00,00,000 by the Union of India by way of preferential allotment pursuant to a Revival Package sanctioned by the acquirer to the target company. After the proposed acquisitio

2.2 As per the said application, the shareholding pattern of the target company before and after the proposed acquisition, is as follows: Shareholders category Number

Source: SecMarx — sebi:WTMO/CFD/135/03/05. 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.