SEBI grants exemption for family share transfer in Paisalo Digital

The acquisition is structured as a non-commercial transfer among promoter family members for succession planning.

Who it concerns: Suneeti Dolaa Private Trust, Sulabhya Paramita Private Trust, Paisalo Digital Limited, Suneeti Agarwal, Sunil Agarwal, Santanu Agarwal, Pri Caf Private Limited, Pro Fitcch Private Limited, Equilibrated Venture Cflow Private Limited

What SEBI found or ordered

• SEBI granted exemption from sub-regulation (1) of regulation 3 and regulation 5 read with regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• The proposed acquisition involves direct and indirect transfer of shares and voting rights in Paisalo Digital Limited.
• The transfer is to be made without any consideration (gift) by promoter family members (Suneeti, Sunil, and Santanu Agarwal) to the Acquirer Trusts.
• The total promoter group shareholding in Paisalo Digital Limited remains unchanged at 41.16% after the acquisition.
• The acquisition is described as an inter-se transfer within the promoter group for succession planning purposes.

Also in the document

• The order is an exemption order, not an enforcement action against misconduct.
• The transaction involves a listed company (Paisalo Digital Limited) with shares listed on BSE and NSE.
• The transferors and beneficiaries are closely related family members (father, mother, brother, lineal descendants).