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Sebi exempts 2 family trusts linked to Havells India from open offer

Press Trust of India  |  New Delhi 

Markets regulator today exempted two private family trusts related to the group of from making open offers following proposed share acquisitions.

and had sought exemption from the obligation of making open offers post acquisition of certain number of shares in

Under the proposed share acquisitions, the trusts would hold shares in directly and also indirectly through the group companies -- QEL and QIHL.

In an order, has granted exemptions to the trusts from making the open offer, saying the proposed acquisitions are only an internal reorganisation of the shareholding of the within the transferors' families for the purpose of a private family arrangement for the benefit of the members of the ARG family and the SKG family.

Besides, there will be no change in control of pursuant to the proposed acquisitions.

"There is no new acquisition of shares by the group and the preacquisition and postacquisition shareholding of the group in the target company (Havells) will remain the same," noted.

While providing the exemption with certain conditions, the watchdog also said the proposed acquisition should in accordance with the relevant provisions of the Companies Act and other applicable laws.

Subsequently, the trusts are required to file a report with within 21 days.

Under takeover regulations, acquisition of shares beyond a certain threshold triggers the open offer obligation.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 22:05 IST
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