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The Board granted exemption to the Acquirer Trusts from the obligation to make a public open offer under Regulations 4 and 5(1) of the Takeover Regulations, 2011 for their proposed direct and indirect acquisition of shares and control in the Target Company. This exemption is subject to compliance with the Companies Act, timely reporting to SEBI within 21 days post-acquisition, truthfulness of application statements, adherence to SEBI Master Circular requirements, and necessary modifications to Trust Deeds if inconsistent. The exemption is limited to open offer requirements and does not waive other disclosure or insider trading obligations. It remains valid for one year, after which it shall lapse if the acquisition is incomplete.
The Board granted exemption to the Acquirer Trusts from the obligation to make a public open offer under Regulations 4 and 5(1) of the Takeover Regulations, 2011 for their proposed direct and indirect acquisition of shares and control in the Target Company. This exemption is subject to compliance with the Companies Act, timely reporting to SEBI within 21 days post-acquisition, truthfulness of application statements, adherence to SEBI Master Circular requirements, and necessary modifications to Trust Deeds if inconsistent. The exemption is limited to open offer requirements and does not waive other disclosure or insider trading obligations. It remains valid for one year, after which it shall lapse if the acquisition is incomplete.
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