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Mumbai, June 20 Dr T.C. Nair, Whole-time Member, SEBI, has granted exemption to Abbott Capital India Ltd (acquirer) from making an open offer in terms of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997. This is with regard to increase in voting rights from 65.14 per cent to 68.94 per cent, consequent to the proposed buy back of shares by Abbott India Ltd (target company).

A SEBI release said pursuant to the increase in voting rights, there would not be any change in control of the target company.

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

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Abbott Capital gets exemption from open offer

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