PR No.85/2010
Grant of exemption for the proposed acquisition of shares in
M/s. GTN Industries Limited
Dr. K.M. Abraham, Whole Time Member, SEBI, has passed an order dated March 25, 2010, granting exemption to GTN Engineering (India) Limited and JEL Finance and Investment Limited alongwith other entities of the promoter group of GTN Industries Limited (Target Company), from complying with the provisions of Regulations 11(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 [Takeover Regulations] for the proposed increase in their shareholding and voting rights from 61.45% to 74.64%, on account of the proposed allotment of 60,00,000 equity shares of Target Company.
The application seeking exemption from the provisions of the Takeover Regulations was forwarded by SEBI to the Takeover Panel. The Takeover Panel recommended the grant of exemption to the acquirers from making an open offer.
The full text of the order is available on the website: www.sebi.gov.in.
Mumbai
April 1, 2010