Financial Daily from THE HINDU group of publications
Friday, Mar 18, 2005
Financial Daily from THE HINDU group of publications Friday, Mar 18, 2005 |
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Markets
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Mergers & Acquisitions SEBI grants exemption in SPIC share acquisitions Our Bureau
Mumbai , March 17 SEBI has granted exemption to FICON Holdings and ACM Educational Foundation from making an open offer in the proposed acquisition of shares of Southern Petrochemicals Industries Corporation Ltd (SPIC). ACM Educational Foundation is holding 1,20,000 equity shares (0.13 per cent) of the paid-up equity share capital of SPIC. FICON Holdings is not holding any shares in the target company. The shareholding of the promoter group after the proposed acquisition will increase from 30.05 per cent to 43 per cent of the paid-up capital. SEBI in a statement said the proposed acquisition is for improving the financial condition of the target company under the Corporate Debt Restructuring Mechanism instituted by the RBI.
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