SEBI grants exemption from takeover rules for Hindustan Composites acquisition

This order grants an exemption to two family trusts from specific takeover regulations regarding the proposed indirect acquisition of shares and voting rights in Hindustan Composites Limited. The acquisition involves transferring stakes in various group entities to the trusts to consolidate control.

Varunn Mody Family Trust, Shashi Mody Family Trust, Hindustan Composites Limited, Mr. Varunn Mody, Mrs. Shashi Mody, Rasoi Limited, Leaders Healthcare Private Limited, J L Morison India Limited, Surdas Trading & Mfg Co Limited, Goodpoint Advisory Services LLP, Lotus Udyog LLP, Pallawi Resources Private Limited, Pallawi Trading And Mfg Co Limited, Axon Trading & Mfg Co Limited, Looklink Advisory Services LLP, Silver Trading And Services Limited, Noble Business Solutions Limited, Alipore Consultants LLP, Sun Light Marketing Services LLP

• Exemption granted from Regulations 3, 4, and 5 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• Proposed indirect acquisition of shares and voting rights in Hindustan Composites Limited via acquisition of stakes in group entities.
• Target Company is listed on BSE and NSE with a total equity share capital of INR 7,38,45,000.
• Promoter group currently holds 74.98% of the Target Company's equity shares.
• Acquirer Trusts are private, irrevocable, and discretionary trusts settled under the Indian Trusts Act, 1882.

Written from the document by AI, and checked against it. The original below is authoritative.

The original document