Sebi exempts Juhi Chawla-owned Mehta Family Trust from Saurashtra Cement open offer

SEBI has exempted the Mehta Family Trust from the mandatory open offer requirement triggered by an indirect acquisition of a 24.04 per cent stake in Saurashtra Cement Ltd. The exemption was granted because the proposed transfer of stakes in Galaxy Technologies (49.99 per cent) and Omna Enterprises (50.04 per cent) from Jay Mehta and Juhi Chawla Mehta to the trust constitutes an internal family reorganisation for succession planning. There will be no change in control, with the promoter group continuing to hold 66.62 per cent and public shareholding remaining at 33.38 per cent; the exemption is valid for one year.