SEBI grants exemption for 67.65% share transfer in Insecticides (India) Limited

This order grants an exemption to four family trusts from the mandatory open offer requirements under SEBI's Takeover Regulations for the proposed acquisition of shares in Insecticides (India) Limited. SEBI examined whether this internal family restructuring required a public offer to shareholders.

Insecticides (India) Limited (Target Company); Sanskriti Family Trust, Akshay Family Trust, EJ Private Trust, and KBZ Private Trust (Proposed Acquirers); Mr. Hari Chand Aggarwal (Trustee/Applicant); Promoters including Rajesh Kumar Aggarwal, Nikunj Aggarwal, Sanskar Aggarwal, Pushpa Aggarwal, and Kritika Gupta.

• SEBI granted an exemption from the applicability of Regulations 3 and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• The proposed acquisition involves the direct transfer of 1,96,83,052 shares (67.65% of the total equity) from promoters to the Acquirer Trusts.
• The acquisition is structured as a private family arrangement for succession planning, with no change in the ultimate beneficial ownership or control of the company.
• The total equity share capital of the Target Company remains unchanged at INR 29,09,78,370/- (2,90,97,837 shares).
• The public shareholding remains unchanged at 27.70% post-acquisition.

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