Vedanta Ltd s promoters cannot sell or create any security on shares they hold in the group as part of the terms attached to the recent USD 1.4 billion fund raising conditions which technically fall within the definition of encumbrance but no pledge on shares has been created, the company said on Wednesday.
Vedanta had on Tuesday informed stock exchanges about its promoters raising USD 1 billion debt by issuing equivalent notes to Citicorp International Ltd and another USD 400 million in notes to an entity under Oaktree Capital Group. The notes in both cases will be partly secured by shares in the Mumbai-listed unit Vedanta Ltd.
Vedanta says no pledge on shares; fund raise conditions bar promoters from share sale
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Last Updated: Dec 30, 2020, 07:57 PM IST
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Vedanta had on Tuesday informed stock exchanges about its promoters raising USD 1 billion debt by issuing equivalent notes to Citicorp International Ltd and another USD 400 million in notes to an entity under Oaktree Capital Group.
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The notes in both cases will be partly secured by shares in the Mumbai-listed unit Vedanta Ltd.
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Vedanta Ltd s promoters cannot sell or create any security on shares they hold in the group as part of the terms attached to the recent USD 1.4 billion fund raising conditions which technically fall within the definition of encumbrance but no pledge on shares has been created, the company said on Wednesday.
reduced to 1 year
instead of 2 years.
There is no such requirement for holding prior to listing. The
Company proposing to list on main board must satisfy other
eligibility criteria with respect to 3 years track record of
operating profits, net tangible assets, net worth, etc.
Lock-In
Ø Category II AIFs (PE funds, real estate funds,
etc) may also be exempted from post issue lock in requirements
provided shares are held for 1 year from the date of purchase.
Ø In the Main Board, post issue lock-in
requirements are not applicable for Category II AIFs if shares are
held for a period of 1 year from date of purchase.
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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 sa