New Delhi, Apr 8 (PTI ) Markets regulator Sebi has exempted a private family trust related to the promoter group of Alembic Pharmaceuticals and Alembic from making open offers following proposed share transfers.
Laksh Trust, through separate applications, had sought exemption from the obligation of making open offers post acquisition of certain number of shares in Alembic Pharma and Alembic.
Chirayu Amin and Malika Amin are trustees of Laksh Trust.
Malika Amin, one of the promoters, holds 1.59 per cent and 2.25 per cent stake directly in Alembic Pharma and Alembic respectively.
She also holds shares in these four companies — Nirayu Pvt Ltd, Whitefield Chemtech Pvt Ltd, Sierra Investments Pvt Ltd and Sherno Ltd. These four firms are promoter group entities of Alembic Pharma and Alembic.
Under the proposal, the trust will acquire shares in the four promoter holding companies from Malika Amin.
Post completion of the proposed acquisition, the trust would become part of the promoter entities in both the companies.
Granting exemption, Sebi, in two separate orders, said the proposed acquisition is part of internal re-alignment of holdings within the promoter group family and there would be no change in control of both the companies following the proposed acquisition.
“The proposed acquisition is further to an internal reorganization within the promoter family and is intended to streamline succession and promote welfare of promoter family,” Sebi said in similar-worded orders dated April 6.
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 trust is required to file a report with Sebi within 21 days.
Under takeover regulations, acquisition of shares beyond a certain threshold triggers the open offer obligation.
This is published unedited from the PTI feed.