Markets regulator Sebi on Wednesday exempted three trusts from making an open offer to the shareholders of Taj GVK Hotels and Resorts Ltd after their proposed acquisition of a 49.44 percent stake in the company.
The order came after three trusts — Blue Moon Trust, Moonshot Trust, and Starlight Trust– filed an application with the regulator in April 2023, and sought exemption from certain provisions of takeover regulations.
The acquirer trusts have been set up as private family trusts for providing suitable succession planning between the members of the Gunupati Indira Krishna Reddy family.
Under the proposed acquisition, Gunupati Indira Krishna Reddy, who is a promoter of Taj GVK Hotels, intends to transfer a total of 49.44 percent of her shareholding in the firm to the three trusts, according to a Sebi order.
Once the transaction is complete, the acquirer trusts would collectively hold 49.44 per cent shares in Taj GVK Hotels.
The proposed transaction triggers the open offer ..
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