SEBI exempts Mehta Family Trust from open offer for Saurashtra Cement shares

This order grants an exemption to the Mehta Family Trust from mandatory open offer requirements under SEBI takeover regulations for the proposed indirect acquisition of shares in Saurashtra Cement Limited. The acquisition is an internal family restructuring intended for succession planning without changing the ultimate control of the company.

Saurashtra Cement Limited (Target Company), Mehta Family Trust (Proposed Acquirer), Jay Mahendra Mehta (Trustee/Transferor), Juhi Chawla Mehta (Trustee/Transferor), Galaxy Technologies Private Limited, Omna Enterprises LLP.

• SEBI granted exemption from Regulation 3(2) read with Regulation 5 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• The proposed transaction involves the indirect acquisition of 24.04% of the voting rights in Saurashtra Cement Limited.
• The acquisition is structured as a transfer of 49.99% shares of Galaxy Technologies Private Limited and 50.04% profit-sharing/voting rights in Omna Enterprises LLP to the Mehta Family Trust.
• SEBI noted that the ultimate beneficial interest remains with the existing promoter group (Mehta family) and there is no change in total equity share capital or public shareholding.
• The order is based on the grounds that the transaction is a non-commercial internal reorganization for succession planning and does not prejudice public shareholders.

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