Tuesday, April 16, 2013

SHARES GIFTED TO BROTHER NOT TO TRIGGER OPEN OFFER

The Securities & Exchange Board of India (SEBI) that shares gifted by the promoter of a listed company to a brother without monetary considerations would not trigger any open offer obligations for the new owner of equity. However, such an acquisition of shares should be by way of a gift involving an inter-se transfer amongst immediate relatives and without involving any acquisition price.

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