SEBI exempts Mehta Family Trust from open offer for Saurashtra Cement
SAURASHCEM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
SEBI granted exemption to Mehta Family Trust from making an open offer under SAST Regulations for a proposed indirect acquisition of about 24.04 percent voting rights in Saurashtra Cement. The transfer involves shares of Galaxy Technologies (14.57 percent stake) and profit-sharing rights in Omna Enterprises LLP (9.46 percent stake) from current promoters to the family trust. Promoter group currently holds 66.62 percent and public holds 33.38 percent of about 11.13 crore equity shares. No change in promoter holding, public shareholding, control, or management. The transaction is an internal family reorganization for succession planning. Exemption is valid for one year.
No open offer triggered, so public shareholders get no exit opportunity. Control remains unchanged within the Mehta family, so minimal impact expected on the stock.