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Stock market regulator SEBI has rejected Futuristics Garments Private Ltd's request for exemption from the applicability of the takeover code.
Warrants issue
The code would be triggered after the proposed increase in promoter shareholding from 38.11 per cent to 45.5 per cent after 27.5 lakh warrants of Surya Pharma issued to the promoters on a preferential basis are converted.
The order rejecting the application was passed after the SEBI's Takeover Panel did not consider grant of exemption in the interest of public shareholders.
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