Sebi exempts DLF Commercial from making open offer

Sebi exempts DLF Commercial from making open offer
AGENCIES

Mumbai, JUNE 27: Securities and Exchange Board of India (Sebi) has exempted DLF Commercial Developers from making an open offer for the acquisition of 100 per cent of the issued and paid up capital of Jai Yatayat Ltd.

After acquisition DLF would be owning 100 per cent of the issued capital of the company, whose shares are listed on the BSE.

DLF had requested Sebi for an exemption from the takeover code stating that the grant of exemption would speed up the acquisition formalities and economise the acquisition costs and would not be prejudicial to the interests of the shareholders of the company.

Sebi while granting exemption asked DLF to take care of the consequences of 100 per cent acquisition with reference to the listing regulations.

The securities regulator also noted that as 100 per cent shareholding of Jai Yatayat was sought to be acquired after taking the consent of all the shareholders concerned, making an open offer would be an empty formality and hence exemption may be granted to the acquirers from making the public offer.