Mumbai: Market regulator SEBI has said
Mauritius-based Gulf Oil International (GOIMI) can acquire 5
per cent stake during the current financial year in Gulf Oil
Corp, a company promoted by it.
"GOIMI can consolidate by further acquiring up to 5 per
cent in a financial year," SEBI said response to a query by
Gulf Oil Corp (GOCL).
GOCL had sought clarification from the market regulator
whether GOIMI can acquire another 5 per cent shareholding in
GOCL in the current fiscal.
The qualification was sought as merger of Helvetia and
Swallow with Mauritius-based parent would increase the holding
of GOIMI by 3.3 per cent to 49.03 per cent.
SEBI added that increase of 3.3 per cent in the
shareholding of GOIMI is within the 5 per cent limit of the
takeover regulations in a financial year.
The amalgamation was approved by the companies and
Registrar of Companies in Mauritius in May 2008.
However, even though Helvetia and Swallow have ceased to
exist in Mauritius, transfer of shares in India has not been
effected as the application is with RBI.
"On receipt of RBI approval, the transfer will be
effected in the records of GOCL," SEBI said.