BUSINESS

SEBI exempts SPIC from open offer

CHENNAI, MARCH 17. The Securities and Exchange Board of India (SEBI) has exempted FICON Holdings Ltd. and ACM Educational Foundation from making an open offer for the shares of Southern Petrochemicals Industries Corporation Ltd (SPIC) under the takeover code.

The decision of the regulator follows a recommendation from the Takeover Panel of the SEBI. Since the two promoter outfits are acquiring shares to improve the health of SPIC, the panel has thought it fit to exempt them from making an open offer. Their share acquisition in SPIC comes in the wake of a Corporate Debt Restructuring Mechanism approved by its bankers.

The SEBI passed this order on an application filed by SPIC on behalf of these two entities.

The SEBI order said the two entities acquiring shares in SPIC should complete the transaction within 30 days from the date of the order (March 10).

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