January 29, 2007
PR No. 35/2007
Rejection of exemption application of M/s. Independent News &
Media Investments Ltd. for proposed acquisition of shares in
M/s. Jagran Prakashan Ltd.
An Order dated January 24, 2007 was passed by Shri G.Anantharaman, Whole Time Member, SEBI, rejecting the application of M/s. Independent News & Media Investments Ltd. (acquirer) seeking exemption from applicability of Regulation 11(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, in respect of its proposed acquisition of 1% to 3% of the equity shares of the target company, M/s. Jagran Prakashan Ltd. (Target Company) from open market.
The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel did not recommend exemption to the acquirer from making an open offer.
Mumbai
January 29, 2007
|