October 07, 2010
PR No. 219/2010

Directions under Regulations 44 and 45(6) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (Takeover Regulations) against M/s. Anjaniputra Ispat Limited (the acquirer) in the matter of open offer to the shareholders of M/s. IAG Company Limited (Target Company)

Dr. K.M. Abraham, Whole Time Member, SEBI, has passed an order dated October 06, 2010, directing the acquirer as under.

1. To continue the open offer made vide public announcement dated July 11, 2009 to acquire 20% of the issued and paid up share capital of the Target Company in terms of Takeover Regulations.
    
2. To appoint a merchant banker for the purpose of disinvesting 6,06,000 shares acquired on December 19, 2008 and April 3, 2009 of the Target Company within thirty days and to transfer profit, if any, in selling those shares, to the Investor Protection Fund of the concerned stock exchanges. 
    
3. Adjudication shall be initiated against the acquirer for a delay in making the public announcement in terms of the Takeover Regulations in respect of the acquisition of 17,79,692 shares constituting 27.64% of the paid up capital of the Target Company on November 19, 2008.
    

Mumbai

October 07, 2010

For full copy of order against ANJANIPUTRA ISPAT LTD., click here.