Make open offers in 45 days, Sebi tells Ruia

 Updated at 1230 hrs: Securities and Exchange Board of India (Sebi) has ordered Wealth Sea Pte to make a public offer to the shareholders of Falcon Tyres and Dunlop India within 45 days.

The Sebi order follows the failure of Wealth Sea Pte to come out with an open offer after it acquired the entire share capital of Dil Rim Wheels Corporation (DRW) from Jumbo World Holdings through a share purchase agreement. DRW held 74.50% equity shares of Dunlop and 68.98% equity shares of Falcon.

"The acquisition of DRW had mandated Wealth Sea Pte to make an open offer to the shareholders of Falcon and Dunlop as per the takeover regulations," the order passed by T C Nair, whole-time member of Sebi, said.