Sebi exempts 3 family trusts in Shakti Pumps’ Open Offer
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New Delhi: Capital markets regulator Sebi on Thursday exempted three family trusts linked to promoters of Shakti Pumps (India) Ltd from making an Open Offer to the company’s shareholders following their proposed direct acquisition of shares.
The order came after the trusts filed applications with the regulator in May 2023, and sought exemption from certain provisions of takeover regulations. These trusts had been set up as private family trusts to streamline succession planning.
Under the proposed transaction, respective settlers of Shakti Sons Trust, Shakti Brothers Trust and Shakti Future Trust -- Dinesh Patidar, Sunil Patidar and Ankit Patidar -- plan to transfer the shares held by them in Shakti Pumps by way of gift to the respective acquirer trusts.
After the proposed acquisition, Shakti Sons Trust, Shakti Brothers Trust and Shakti Future Trust would hold 20.50 percent, 8.50 percent and 8.16 per cent stakes respectively, in the target company as currently being held by the transferors, who are part of the promoter and promoter group of the target company.
