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SEBI Exempts Family Trust Linked To Vascon Engineers' Promoters From Open Offer Obligation
Sebi noted that objective of the proposed acquisition is to achieve efficient succession planning as well as for holding the controlling interest in Vascon Engineers in one entity rather than spreading the holding amongst different individuals which may not be in the best interests of the company.
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Markets regulator Sebi has exempted Vasudevan Family Trust from making an open offer following its proposed acquisition of shares in Vascon Engineers.
Sebi noted that objective of the proposed acquisition is to achieve efficient succession planning as well as for holding the controlling interest in Vascon Engineers in one entity rather than spreading the holding amongst different individuals which may not be in the best interests of the company. Efficient succession planning for the next generation is being facilitated through the acquirer trust, the regulator said in its order on Thursday.