Mumbai: The Securities and Exchange Board of India (Sebi) on Friday tightened the takeover code and Issue of Capital and Disclosure Requirements (ICDR) for exemption from open offers, a decision that corporate lawyers said could impact Etihad Airways PJSC’s plans to invest in Jet Airways (India) Ltd.
The exemption from making an open offer in case of acquisition of over 26% in a listed company will be allowed only to banks, lenders and financial institutions. “Exemption from open offer will not be allowed to any other person except the aforesaid lenders,” according to a Sebi statement issued after a meeting of its board on Friday.
