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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.
Acquisition not to trigger open offer if cash is less than 25% of total consideration, says Sebi
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