Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI, has passed an order dated March 26, 2012, granting exemption to the Government of India (GoI) from the applicability of regulation 3(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011, for the proposed acquisition of 188,556,509 equity shares of IDBI Bank Limited on account of conversion of Tier I bonds held by GoI resulting in increase in shareholding from 65.13% to 70.73%.
The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel also recommended granting of exemption in the interest of public shareholders and other stake holders of IDBI Bank.
The full text of the order is available on the website: www.sebi.gov.in