Capital market regulator Sebi today exempted certain promoters of NRB Industrial Bearings from making an open offer to public shareholders in the wake of their proposal to acquire nearly 39 per cent stake in the firm.
Two promoters of NRB Industrial Bearings-- Trilochan Singh Sahney and Hanwantbir Kaur Sahney-- have proposed to purchase 38.95 per cent stake from another promoter entity Trilochan Singh Sahney Trust 1.
The Sahney couple have offered to acquire the stake in their capacity as trustees of Trilochan Singh Sahney Trust 2. They are also trustees of Trilochan Singh Sahney Trust 1.
Observing that post acquisition there would not be any change in management control, Sebi has exempted the promoter entities from making an open offer.
The case was "fit one for granting exemption" from making the open offer, Securities and Exchange Board of India (Sebi) said in its order today.
Trilochan Singh Sahney Trust 2 has been exempted from making the open offer to acquire 94.39 lakh shares (38.95 per cent stake) of the company.
As per Sebi norms, an entity buying 25 per cent or more stake in a listed company is compulsorily required to make an open offer to the public shareholders. However, the market regulator has powers to make exemptions on case-to-case basis.
The reason for the proposed acquisition is an internal reorganisation within the Trilochan Singh Sahney family, it added.
