SEBI grants exemption for 24.04% indirect acquisition in Saurashtra Cement

The acquisition is an internal family restructuring intended for succession planning without changing the ultimate control of the company.

Who it concerns: Saurashtra Cement Limited (Target Company), Mehta Family Trust (Acquirer), Jay Mahendra Mehta, Juhi Chawla Mehta, Galaxy Technologies Private Limited, Omna Enterprises LLP

What SEBI found or ordered

• 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.

Also in the document

• The order is an exemption, not an enforcement action against misconduct.
• The transaction is described as a non-commercial internal reorganization within the Mehta family.
• The Target Company's shares are listed on BSE and NSE.