December 10, 2010 12:02:05 am
The capital market regulator has granted exemption to Logos Holding Company from making an open offer to the shareholders of Religare Enterprises for its acquisition of 19.53% stake in the company. Logos Holding is an investment arm of the Gurinder Singh Dhillon family.
Gurinder Singh is the current head of one of India’s largest religious sect Radha Soami Satsang Beas. At Thursday’s closing price of Rs 460.95,the value of Logos Holding’s stake is about Rs 1,163 crore. The Dhillons had acquired the shares at just over Rs 13 crore in 2006.
While seeking exemption from making an open offer,the Dhillons had said that they proposed to transfer their stake to Logos Holding to consolidate their individual shareholdings scattered across listed and unlisted companies.
The promoters of REL,Malvinder and Shivinder Singh and their investment vehicles hold 64.74% of the equity in the company,while financial institutions hold 3.83% in the company. The Singhs are followers of Radha Soami Satsang Beas. Including the Dhillon stake,the non-institutional holding in the company is 31.43%. The Sebi order says Logos should complete the proposed acquisition within 30 days from the date of passing of the order and thereafter file a report on the same within 15 days.
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