The Hindu Business Line : Amit Spg acquirers granted exemption from open offer

THE Securities and Exchange Board of India (SEBI) has granted exemption from making an open offer under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 to Mr Bharat P. Shah, Ms Smita Bharat Shah, Mr Amit Bharat Shah and Ms Aparna Bharat Shah for the proposed acquisition of shares of Amit Spinning Industries Ltd, according to a SEBI press release.

The promoter group in the company holds 37.40 per cent shares and is already in control of the target company. The acquirers propose to acquire 1,00,00,000 equity shares of Rs 5 each in cash by way of preferential allotment in terms of the financial package for restructuring the company's debt under the corporate debt restructuring mechanism.

The application seeking exemption was forwarded by SEBI to the Takeover Panel. The panel recommended for exemption to the acquirers from making an open offer.

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