SEBI grants exemption for 24.04% indirect acquisition in Saurashtra Cement

This order grants an exemption to the Mehta Family Trust from mandatory open offer requirements under SEBI takeover regulations for an 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 (Acquirer), Jay Mahendra Mehta, Juhi Chawla Mehta, Galaxy Technologies Private Limited, Omna Enterprises LLP

• SEBI granted exemption from Regulation 3(2) and Regulation 5 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• The proposed transaction involves an indirect acquisition of 24.04% of the voting rights in the Target Company.
• The acquisition is structured as a transfer of 49.99% of Galaxy Technologies Private Limited shares and 50.04% of 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, and there is no change in total equity share capital or public shareholding.

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