Order in the matter of Telecanor Global Limited

This order addresses an application by Ms. Vijay Lakshmi Praturi to seek an exemption from making a public open offer under SEBI Takeover Regulations. The exemption is sought to allow her to acquire additional shares in Telecanor Global Limited via preferential allotment to infuse funds for settling the company's debt obligations.

Ms. Vijay Lakshmi Praturi (Proposed Acquirer), Telecanor Global Limited (Target Company), Mr. Marutiram Praturi (Promoter), Phoenix Asset Reconstruction Company Private Limited (PARCPL), Dhanlaxmi Bank.

• Application filed for exemption from sub-regulations (1) and (2) of regulation 3 and regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• Proposed acquisition involves allotment of 30,00,000 equity shares and 40,00,000 convertible share warrants to the Proposed Acquirer.
• Proposed Acquirer's shareholding would increase from 13.31% to 31.38% (and potentially 42.39% upon warrant conversion).
• Target Company has an outstanding One Time Settlement (OTS) obligation of INR 2,25,00,000 to Phoenix Asset Reconstruction Company Private Limited (PARCPL).
• Proposed Acquirer stated she cannot afford the estimated INR 2 Crores cost of making a public announcement and open offer.
• The order text provided is truncated and does not contain SEBI's final decision (grant or rejection) on the exemption application.

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