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Oswal and Associates exempted from making public offer
Mumbai, May 20: Securities and exchange board of India has exempted Satya Rani Oswal and Associates from making an open offer while acquiring 20 lakh shares of Oswal spinning and weaving mills ltd.(OSWML).
Mumbai, May 20: Securities and exchange board of
India has exempted Satya Rani Oswal and Associates from making
an open offer while acquiring 20 lakh shares of Oswal spinning
and weaving mills ltd.(OSWML).
Oswal and Associates had moved an application for
exempetion stating that OSWML'S entire networth eroded and the
company was declared as sick industrial company by BIFR, SEBI
said in a release.
The proposed allotment of shares to the acquirers, in
accordance to a package approved by financial institutions and
banks under corporate debt restructuring mechanism, was for
the purpose of revival of the company.
The allotment of shares would not adversely affect the
interest of minority shareholders.
Bureau Report