SEBI grants exemption for Nikhil Sawhney Trust in Triveni Turbine acquisition

This order grants an exemption to Nikhil Sawhney Trust from specific takeover regulations (SAST Regulations) for the proposed indirect acquisition of shares in Triveni Turbine Limited. The acquisition involves the transfer of shares in an intermediate company (Subhadra Trade and Finance Limited) from Rati Sawhney to the Trust, which is described as a non-commercial family succession arrangement.

Nikhil Sawhney Trust (Applicant/Acquirer), Triveni Turbine Limited (Target Company), Rati Sawhney (Transferor), Subhadra Trade and Finance Limited (Intermediate Company), and other members of the Sawhney promoter group.

• Exemption granted from sub-regulation (1) of regulation 3 and regulation 5 read with regulation 4 of the SEBI (SAST) Regulations, 2011.
• Proposed transfer of 29,26,577 shares (26.60%) of Subhadra Trade and Finance Limited from Rati Sawhney to Nikhil Sawhney Trust.
• The transfer is to be made without any consideration (non-commercial).
• The acquisition is indirect; the Trust will acquire control over Triveni Turbine Limited through its holding in Subhadra.
• SEBI noted that Rati Sawhney has been disclosed as a promoter for more than three years prior to the transfer.
• The total promoter shareholding in Triveni Turbine Limited remains unchanged at 55.84% post-acquisition.

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