INSUBCONTINENT EXCLUSIVE:
New Delhi: Markets regulator Sebi on Monday exempted a private family trust related to promoters of SRF Ltd and Kama Holdings Ltd from the
obligation of making open offer following its proposed acquisition of shareholding in these two companies.
ABR Family Trust had sought
exemption from the obligation of making open offer following the proposed acquisitions of shares and voting rights in the target companies
-- Kama Holdings and SRF.
Kama Holdings' promoters -- Arun Bharat Ram (ABR), Ashish Bharat Ram and Kartik Bharat Ram -- collectively hold 75
per cent stake in the company, and propose to gift their shares to ABR Family Trust.
Kama Holdings owns 52.28 per cent in SRF, while ABR
holds 0.04 per cent stake in the company
Both propose to transfer their shares to the family trust.
Pursuant to these share transactions, the family will hold 75 per cent stake in
both companies.
In two separate orders, Sebi granted exemption to the trust from making open offer, saying the proposed acquisitions are
intended to streamline the succession of ABR Family and their respective descendants.
Besides, the proposed acquisition will not affect the
interest of the public shareholders and there will be no change in control of the companies pursuant to the proposed acquisitions, Sebi
same," the Securities and Exchange Board of India (Sebi) noted.
Accordingly, Sebi granted exemption to ABR Family Trust from complying with
the Takeover Regulations with respect to the proposed acquisitions in Kama Holdings and SRF.
