September
10, 2008
PR No. 170/2008
Rejection of exemption application of Shri Vithaldas Patel and others for the proposed acquisition of shares in M/s. Shilp Gravures Ltd.
Dr. K.M.Abraham, Whole Time Member, SEBI, has passed an order dated September 08, 2008, rejecting the application of Shri Vithaldas Patel and others (acquirers and PACs belonging to the promoter group) seeking exemption from applicability of Regulation 11(1) and 11(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, in respect of their proposed increase in voting rights from 52.44% to 60.04% pursuant to the proposed acquisition of 12,90,323 equity warrants convertible into equivalent equity shares aggregating to 7.60% of the expanded capital of the company.
The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel did not recommend grant of exemption to the acquirers from making an open offer.
Mumbai
September 10, 2008
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