Sebi Grants Spice Healthcare Exemption in SpiceJet Stake Acquisition
The Securities and Exchange Board of India (Sebi) has exempted Spice Healthcare Pvt Ltd from making an open offer to SpiceJet shareholders after acquiring additional shares. This exemption is subject to conditions, including a lock-in period for the acquired shares. Concurrently, SpiceJet has made new board appointments.
- Country:
- India
The Securities and Exchange Board of India (Sebi) has granted an exemption to Spice Healthcare Pvt Ltd from making an open offer to SpiceJet shareholders following the acquisition of additional shares in the airline. The decision came after SpiceJet sought relief from Sebi regarding the open offer obligation.
On converting issued warrants, Spice Healthcare will acquire 13,14,08,514 additional equity shares, increasing its stake by 13.74%. This typically triggers an open offer requirement under Sebi norms. However, the watchdog's exemption comes with stipulations, including a 24-month lock-in period for the new shares.
Additionally, SpiceJet announced new board appointments, including Sonum Gayatri Malhotra and Manoj Kumar as Independent Directors. The airline is currently raising funds to strengthen its financial position and meet obligations.
(With inputs from agencies.)
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