Sebi exempts family trust related to Batliboi from making open offer

TIL Desk/Business/New Delhi/ Market regulator Sebi has exempted a private family trust related to the promoter group of Batliboi Ltd from the obligation of making an open offer following its proposed acquisition of additional 49.55 per cent stake in the firm.

Bhogilal Family Trust had sought exemption from the obligation of making open offer post acquisition of certain number of shares in Batliboi Ltd. Under the proposed acquisition, the trust would be acquiring 49.55 per cent equity shares of Batliboi Ltd from the company’s promoter Nirmal Bhogilal, who is also trustee of Bhogilal Family Trust.

The stock would be acquired in different tranches in the coming years by way of contribution (gift) through open market transactions, as per the proposal. The proposal has been made following a private family arrangement to provide for family succession and welfare of Bhogilal’s family.

Earlier, the trust had acquired 15.67 per cent of the total shareholding of the company from Bhogilal in March 2017 after obtaining approval from Sebi and has been named as a part of the promoter group in the shareholding pattern filed by the company for the quarter ending March 2017.