SEBI grants exemption from takeover rules for Vadilal Enterprises share transfer

This order grants an exemption to IVG Trust from specific takeover regulations (Regulations 3, 4, and 5 of the SAST Regulations, 2011) for the proposed acquisition of shares and voting rights in Vadilal Enterprises Limited. The acquisition is described as an internal reorganization within the promoter family to streamline succession.

Vadilal Enterprises Limited (Target Company), IVG Trust (Acquirer Trust), Virendrabhai Ramchandra Gandhi (Transferor), Axilrod Private Limited, and other listed promoters/promoter group members.

• Exemption granted from Regulations 3, 4, and 5 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• Proposed direct acquisition of 10.64% of Vadilal Enterprises Limited shares by IVG Trust.
• Proposed indirect acquisition of 5.02% of Vadilal Enterprises Limited shares via the acquisition of 88% of Axilrod Private Limited.
• Shares are to be transferred without any consideration.
• IVG Trust is considered a Person Acting in Concert (PAC) with the promoter group.
• Total promoter and promoter group shareholding remains unchanged at 51.06% before and after the transaction.

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