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India: Securities and Exchange Board asked Reliance to launch an open offer

By  |  May 12, 2015

Market regulator Securities and Exchange Board of India (Sebi) has asked Reliance Infrastructure to launch the open offer to acquire 26 per cent stake in Pipavav Defence within 12 working days of getting approvals from CCI and Gujarat Maritime Board.

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    In a BSE filing, Anil Ambani-led Reliance Infrastructure said Securities and Exchange Board of India has given its observation on the firm’s Draft Letter of Offer.

    In the letter, Sebi has advised that the tendering period for the Open Offer may commence not later than 12 working days from the date of the final order from the CCI.

     

    Full content: The Hindu Business Line

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