The Hindu Business Line : SEBI exempts Pasupati Acrylon promoters' from making open offer

SEBI has granted exemption to the promoters of Pasupati Acrylon Ltd from making an open offer in the company's proposed preferential allotment of 1.4 crore equity shares to the promoter group entities.

After the preferential allotment, the shareholding of the promoter group would go up from 47.43 per cent to 56.93 per cent.

The preferential allotment of 1.4 crore shares constitutes 18.07 per cent of equity capital of Pasupati.

The proposed allotment is in pursuance of corporate debt restructuring (CDR) mechanism and there would not be any change in composition of the board of directors or control of the target company, SEBI said in its order.

Promoter group entities Prabhat Capital Services Ltd and persons acting in concert namely Shubh Exim Ltd, Sind Wave Finance Services, Gurukripa Finvest P Ltd and Inder Overseas P Ltd are being allotted preferential shares, as per the CDR mechanism.

As per the CDR package, the promoters are required to infuse/convert unsecured loan of Rs 14 crore into equity share capital of the target company - Pasupati.

The order by Mr Madhukar, Whole-Time Director, SEBI, approved the recommendation by its takeover panel that the acquirer must be given an exemption from making an open offer, a SEBI release said here on Monday.

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