I have query regarding Takeover Code, Under Regulation 7(1) Acquired required to make disclosure when acquisition holding crosses 5% of the total paid up capital of the target company.
I come across situation where group of acquirers ie A, B, C, D, E, F, G, H, & I jointly acquired 43.15% share in the target company. Individually they acquired as follows:-
A- 4.63%, B-4.63%, C-4.37% D- 7.72%, E-4.63%, F-4.63%, G-4.43%, H - 4.63% & I - 3.47%.(By preferential Allotment) (All acquires do not hold any stake in the target company
As per Regulation 7
7. (1) Any acquirer, who acquires shares or voting rights which (taken together with shares or voting rights, if any, held by him) would entitle him to more than five per cent or ten per cent or fourteen per cent 2[or fifty four per cent or seventy four per cent] shares or voting rights in a company, in any manner whatsoever, shall disclose at every stage the aggregate of his shareholding or voting rights in that company to the company and to the stock exchanges where shares of the target company are listed.]
My query is:-
Do I required to make disclosre of all Acquires ie 43.15% or only D is need to disclose becase his acquistion holding is 7.72% ie it crosses 5% & others no need to disclose.
CAclubindia
