Exemption order under regulation 11 of SEBI (SAST) Regulations, 2011 in the matter of Astec Life Sciences Ltd

Last updated: 19 October 2020

Court :
SEBI

Brief :
Astec Life Sciences Ltd.(“Target Company”) is a company incorporated on January 25, 1994 and has its registered office at Mumbai. The equity shares of the Target Company are listed on the BSE Limited (“BSE”)and National Stock Exchange of India (“NSE”)

Citation :
WTM/GM/CFD/DCR1/39/2020-21

WTM/GM/CFD/DCR1/39/2020-21
SECURITIES AND EXCHANGE BOARD OF INDIA

ORDER

UNDER SECTION 11(1) AND SECTION 11(2)(h) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH REGULATION 11(5) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011.

IN THE MATTER OF PROPOSED ACQUISITION OF SHARES AND VOTING RIGHTS IN –

TARGET COMPANY : ASTEC LIFE SCIENCES LTD.
ACQUIRER : CELLULAR FAMILY TRUST

Background –
1. Astec Life Sciences Ltd. (“Target Company”) is a company incorporated on January 25, 1994 and has its registered office at Mumbai. The equity shares of the Target Company are listed on the BSE Limited (“BSE”) and National Stock Exchange of India (“NSE”).

2. An Application dated August 03, 2020 read with emails dated August 26, 2020 and September 04, 2020 (“Application”) seeking exemption from the applicability of Regulations 3(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations 2011”) in the matter of proposed acquisition of shares in the Target Company was received by SEBI from Mr. Ashok Hiremath and Ms. Chitra Ashok Hiremath (Trustees) for the Cellular Family Trust (“Acquirer Trust / Proposed Acquirer”).

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