Inter promoter share transfer

[MEENAKSHI GOYAL]

Hello Can any body tell me that my company is public listed company and one of the promoter of that company want to sell their shares to another promoter at more than market traded price . Its shares are listed on both NSE and BSE at ₹ 27 but promoter wann to deal it at ₹ 40. So can promoter do this??? and What are the provisions regrading Inter promoter share transfer under takeover code 2011???

AI Summary

Inter-Promoter Share Transfer Proposal Surpasses Market Rate; Compliance with Takeover Code 2011 Provisions in Question A public listed company is considering an inter-promoter share transfer where one promoter intends to sell shares to another at a price higher than the market rate. The shares are listed at 27, but the proposed deal is at 40. Key provisions under the takeover code 2011 include that the acquisition price should not exceed 25% above the volume-weighted average market price over the past 60 trading days. The acquirer must notify the stock exchange at least four days before the acquisition, and promoters must have been disclosed as such for at least three years prior. Further clarification on regulation numbers and public offer requirements was requested.