SEBI asks Anjaniputra Ispat to divest IAG shares and take open offer route
07 Oct 2010
The Securities and Exchange Board of India (SEBI) has directed Anjaniputra Ispat Limited to divest 6,06,000 shares it acquired in IAG Company Limited on 19 December 2008 and on 3 April 2009 within thirty days.
In its order passed on 6 November 2010, the market regulator has asked Anjaniputra Ispat to appoint a merchant banker for transfer of the shares, including profit, if any, in selling those shares, to the Investor Protection Fund of the concerned stock exchanges.
SEBI has asked Anjaniputra Ispat Limited instead to continue with an open offer for 20 per cent in the issued and paid-up equity capital of IAG Company Limited (the target company) in terms of SEBI Takeover Regulations.
In its order passed on 6 October 2010, SEBI has warned the acquirer that adjudication will be initiated against the company for any delay in making the public announcement in respect of the acquisition of 17,79,692 shares constituting 27.64 per cent of the paid-up capital of the target company on 19 November 2008.