Financial Daily from THE HINDU group of publications
Sunday, Jan 23, 2005
Financial Daily from THE HINDU group of publications Sunday, Jan 23, 2005 |
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Corporate
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Mergers & Acquisitions Markets - Regulatory Bodies & Rulings SEBI amends takeover code Veena Venugopal
Mumbai , Jan. 22 SEBI has amended the takeover code with effect from December 30, 2004. This effectively means that creeping acquisition of over 55 per cent in a company cannot be made through open offers, market purchases or preferential allotments. SEBI is also understood to have got in touch with merchant bankers, asking them to re-formulate deals, as the amendments are with retrospective effect. Deals that are currently in the works will also be subject to this amendment. The amendments further mandate that a promoter who has acquired shares or voting rights through market purchases or preferential allotments beyond 55 per cent, should disinvest the shares acquired in excess of this limit. The earlier limit for creeping acquisition was up to 75 per cent.
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