Trusts linked to Torrent Power, others from open offer conditions exempted
Regulator Sebi on Tuesday exempted four family trusts linked to promoters from making open offers to the shareholders of three companies — Torrent Power, Torrent Pharmaceuticals and Gujarat Lease Financing — following their proposed indirect share acquisition in these firms.
The orders came after four Mehta Family Trusts filed applications with the regulator in July 2023, and sought exemption from certain provisions of takeover regulations.
In order to facilitate succession planning, Sudhir Uttamlal Mehta and Samir Uttamlal Mehta created four trusts to streamline the family’s shareholding in Torrent Investments Private Limited (TIPL).
