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Sebi exempts two trusts from making open offer to Linc’s shareholders
Capital market regulator Sebi on Monday exempted two trusts from making an open offer to the shareholders of Linc Ltd in connection with their proposed acquisition of a 9.96 per cent stake in the company.
The order came after two trusts -- Suraj Mal Jalan Trust and Bimla Devi Jalan Trust -- filed an application in April 2023, and sought exemption from certain provisions of takeover regulations.
The acquirer trusts have been set up as private family trusts with the intent to ensure the maintenance and promotion of peace, harmony and unity between the family members of Suraj Mal Jalan and Bimla Devi Jalan.
Under the proposed acquisition, Suraj Mal Jalan and his wife Bimla Devi Jalan intend to transfer a total of 6.18 per cent and 3.78 per cent of their stakes in the firm to Suraj Mal Jalan Trust and Bimla Devi Jalan Trust, respectively, according to a Sebi order.
Once the transaction is complete, the acquirer trusts would collectively hold 9.96 per cent stake in Linc.
Suraj Mal Jala