SEBI grants exemption for family trust acquisition in Gujarat Themis Biosyn

This order grants an exemption to the Vividhmargi Trust from specific provisions of SEBI's Takeover Regulations regarding the proposed acquisition of shares and voting rights in Gujarat Themis Biosyn Limited. The acquisition involves a restructuring of promoter holdings where shares are transferred to a family trust.

Gujarat Themis Biosyn Limited (Target Company), Vividhmargi Trust (Proposed Acquirer), Mr. Dinesh Shantilal Patel (Settlor/Trustee), Pharmaceutical Business Group (India) Limited (PBGL), Themis Medicare Limited (TML), and other listed promoters including Jayshree D Patel, Sachin Dinesh Patel, and Reena S Patel.

• SEBI granted an exemption under Regulation 11 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• The exemption applies to the direct and indirect acquisition of shares and voting rights in the Target Company by the Vividhmargi Trust.
• The proposed transaction involves the transfer of approximately 0.61% of the Target Company's shares directly to the Trust and the acquisition of control over PBGL (47.02% of TC) and TML (23.19% of TC) indirectly.
• The Vividhmargi Trust is an irrevocable, discretionary, private trust settled under the Indian Trusts Act, 1882.
• The order notes that there would be no alteration in the total equity share capital of the Target Company as a result of the proposed acquisition.

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