Hi,
Promotor holding of listed Company is –55.18 % .two companies out of this promotor group holding 6.52 % each.Now these 2 companies are buying shares of the companies in which they are in promotor group.
e.g -- If "abc is company" and "x " and " y " are in promotor group . x and y both are buying shares of abc.
My query is :-
as per new takeover code.
1) what disclosures are required to be made by x and y in individual capacity
2)what disclosures are required to be made by "promotors group of abc company ".
3) is creeping acqsition applicable here ? what are the % , to AVOID open offer both from promotor group angle and individual angle (specify the maximum % to avoid the open offer )
Regards