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SEBI okays British Gas move to up stake in Gujarat Gas

The takeover panel of the Securities and Exchange Board of India has granted exemption under Regulation 4 to British Gas Asia Pacific Holdings Private Limited for the acquisition of the 641,250 shares of Gujarat Gas from Arvind Mafatlal.

The SEBI Takeover Panel considered British Gas Asia's application and noted that the acquirer already holds 60.1 per cent shares of the target company.

BG has controlling interest in the company and since the acquisition of the retained shares by British Gas is not going to affect this position and the proposed acquisition is in the interest of the shareholder, exemption is being granted, the SEBI release stated.

The SEBI observed that BG had already made an offer on August 12, 1997 and made disclosures about the proposed retention. BG sought exemption for this proposal of retention.

On the strength of an agreement dated July 2, 1997, BG could exercise voting rights in respect of 641,250 shares retained by Arvind Mafatlal group of companies.

UNI

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