The Hindu Business Line : SEBI exempts Lotus Chocolate promoters from open offer

MUMBAI: SEBI has passed an order granting exemption to Mr Devabhaktuni Durga Prasad acting in concert with Mr Alapati Ramakrishna from making an open offer under the proposed acquisition of shares of Lotus Chocolate Company Ltd.

Usually, this is mandatory according to the Substantial Acquisition of Shares and Takeovers Regulations.

Mr Durga Prasad and Mr Ramakrishna propose to acquire the total residual holding of over 12.84 lakh equity shares (approximately 9.99 per cent of the voting rights) of the target company. This is vested with the foreign promoter, Network Foods International Ltd. After the proposed acquisition, the voting rights of the Indian promoters would increase from 37.63 per cent to 47.62 per cent.

More Stories on : Regulatory Bodies & Rulings | Open Offers

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