SEBI grants exemption for 30% share acquisition by Sekhri Family Trust

This order grants an exemption to the Sekhri Family Annuity Trust from the mandatory open offer requirements under SEBI's Takeover Regulations for acquiring shares in Tinna Rubber and Infrastructure Limited. The acquisition is described as an internal estate and succession planning exercise within the promoter family.

Tinna Rubber and Infrastructure Limited (Target Company), Sekhri Family Annuity Trust (Acquirer), Mr. Gaurav Sekhri (Trustee/Applicant), Mr. Bhupinder Kumar Sekhri (Transferor/Promoter).

• SEBI granted exemption from Regulation 3 and Regulation 4 of the SAST Regulations, 2011.
• The Acquirer Trust proposes to acquire 54,04,730 shares (30.00%) from Mr. Bhupinder Kumar Sekhri.
• Post-acquisition, the Acquirer Trust will hold 30.06% of the equity share capital.
• The transaction is characterized as a non-commercial internal reorganization within the promoter family.
• SEBI noted that the trust is a 'mirror image' of the promoters' holdings with no change in effective control.
• The Acquirer Trust must provide annual compliance certifications from an independent auditor to Stock Exchanges and SEBI.

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