Date:13/11/2004 URL: http://www.thehindu.com/2004/11/13/stories/2004111304611606.htm

Business - Briefly

SEBI grants exemption

CHENNAI: The Securities and Exchange Board of India has passed an order granting exemption to K. V. Rajeshwar Rao, K. Sudhir Rao, K. Suhan Rao and L. Venketeswara Rao (acquirers) from making an open offer under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 in the matter of proposed acquisition of shares of Pioneer Distilleries Limited (PDL). The acquirers hold 32.75 per cent of the total paid up share capital of PDL and after the proposed acquisition their shareholding will increase to 47.83 per cent. The acquirers propose to buy 15 lakh equity shares at Rs. 10 per share from the company by way of reissuance of equity shares being a part of the forfeited share capital of the company.