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Drumbeat: Ad Buzzaar
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Saturday, July 18, 1998
Sun Pharma plea for open offer exemption spiked
Our Infrastructure Bureau
MUMBAI, July 17: The Securities & Exchange Board of India (SEBI) has rejected an application by Sun Pharmaceutical Industries Ltd, along with Virtuous Finance Ltd (VFL), Jeevanrekha Investrade Pvt Ltd (JIPL) and Package Investrade Pvt Ltd (PIPL), seeking an exemption from making an open offer for acquiring 32,07,500 equity shares representing 20.17 per cent of the equity capital of Gujarat Lyka Organics Ltd, the target company. The acquisition was being made from Virtuous Finance Ltd, Jeevanrekha Investrade Pvt Ltd and Package Investrade Pvt Ltd, the offerors.The SEBI release says that the takeover panel considered the application and recommended that the exemption sought may not be granted as the applicants had failed to substantiate their statement that they are companies coming within the definition of `group' as defined in the regulations. The acquirer's application said that it was necessary and imperative to increase their shareholding in Gujarat Lyka Organics to develop the business activities ofthe target company. The target firm has a bulk drug manufacturing plant at Ankleshwar, close to the acquirer's plant at Panoli. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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