Acquisition not to trigger open offer if cash is less than 25% of total consideration, says Sebi
Updated : July 20, 2018 12:29 AM IST
Expressing its views on an application filed by Force Motors' promoter Jaya Hind Industries, the regulator said the scheme of arrangement should not involve the target firm as a transferor or a transferee company.
Jaya Hind Industries had sought an informal guidance, in the form of a No Action Letter from Sebi on whether the transfer of shares of Force Motors following a scheme of amalgamation between the promoter group firms would be exempt from the obligations of making an open offer.
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