SEBI exempts AKS Family Trust from open offer on 41.33% Premier Explosives shares

This order grants an exemption to the AKS Family Trust from making a public open offer when acquiring shares in Premier Explosives Limited. SEBI determined that this transfer is an internal family reorganization that does not change the effective control of the company.

Premier Explosives Limited (Target Company), AKS Family Trust (Acquirer), Mr. Amarnath Gupta (Promoter/Transferor), Ms. Kailash Gupta (Promoter/Transferor/Trustee), Ms. Shonika Prasad (Trustee/Beneficiary), Ms. Mahek Prasad (Beneficiary), Mr. Shaurya Prasad (Beneficiary).

• SEBI granted exemption from the open offer requirements under Regulations 3 and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• The transaction involves the transfer of 2,22,21,735 shares (41.33% of the company) from promoters to the AKS Family Trust.
• SEBI noted that the trustees and beneficiaries are the promoters or their immediate family members/lineal descendants.
• SEBI found that there is no change in the control or management of the Target Company as a result of the acquisition.
• The public shareholding of the Target Company remains unchanged at 58.67%.
• The Acquirer Trust must provide annual compliance certifications to the stock exchanges and SEBI.

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