GAMMON INDIA LIMITED
GAMMON INDIA LIMITED
GAMMON INDIA LIMITED
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shares are listed). Further, any person together with persons acting in concert with him who holds 15% or<br />
more but less than 55% or 55% or more but less than 75% of the shares or voting rights in any company is<br />
required to disclose any purchase or sale of shares aggregating 2% or more of the share capital of a<br />
company along with the aggregate shareholding after such acquisition or sale, to that company (which in<br />
turn is required to disclose the same within seven days of receipt of such information to each of the stock<br />
exchanges on which the company‘s shares are listed) and to each of the stock exchanges on which the<br />
shares of the company are listed within two days of (i) the receipt of intimation of the allotment of shares or<br />
(ii) the acquisition of shares or voting rights, as the case may be.<br />
Promoters or persons in control of a company are also required to make periodic disclosure of their<br />
holdings or the voting rights held by them along with persons acting in concert, in the same manner as<br />
above, annually within 21 days of the end of each financial year as well as from the record date for<br />
entitlement of dividends. The company is also required to disclose the holdings of its promoters or persons<br />
in control as of March 31 of the respective year and on the record date fixed for the declaration of<br />
dividends to each of the stock exchanges on which its equity shares are listed. In addition, promoters or<br />
persons forming part of the promoter group of the company are also required to disclose to the company the<br />
details of the shares of the company pledged by them within seven days of the creation, or invocation, of<br />
the pledge, as the case may be. The company is, in turn, required to disclose the information to the stock<br />
exchanges within 7 days of receipt of such information, if during any quarter ending March, June,<br />
September and December of any year: (i) the aggregate number of pledged shares of a promoter or a person<br />
forming part of the promoter group taken together with the shares already pledged during that quarter<br />
exceeds 25,000, or (ii) the aggregate total pledged shares of a promoter or a person forming part of the<br />
promoter group taken together with the shares already pledged during that quarter exceeds 1% of the total<br />
shareholding or voting rights of the company, whichever is lower.<br />
An acquirer who, together with persons acting in concert with him, acquires or agrees to acquire 15% or<br />
more (taken together with existing equity shares or voting rights, if any, held by it or by persons acting in<br />
concert with it) of the shares or voting rights of a company would be required to make a public<br />
announcement offering to acquire a further minimum of 20% of the shares of the company at a price not<br />
lower than the price determined in accordance with the Takeover Code. Such offer has to be made to all<br />
public shareholders of a company (public shareholding is defined as shareholding held by persons other<br />
than the promoters) and a public announcement is required to be made within four working days of entering<br />
into an agreement for the acquisition of or of the decision to acquire shares or voting rights which exceed<br />
15% or more of the voting rights in a company. A copy of the public announcement is required to be<br />
delivered on the date on which such announcement is published to SEBI, the company and the stock<br />
exchanges on which such company‘s equity shares are listed.<br />
An acquirer who, together with persons acting in concert with him, has acquired 15 %, or more, but less<br />
than 55% of the shares or voting rights in the shares of a company, cannot acquire additional shares or<br />
voting rights that would entitle him to exercise more than 5% of the voting rights (with post acquisition<br />
shareholding or voting rights not exceeding 55%) in any financial year ending on March 31 unless such<br />
acquirer makes a public announcement offering to acquire a further minimum of 20% of the shares of the<br />
company at a price not lower than the price determined in accordance with the Takeover Code.<br />
An acquirer who, together with persons acting in concert with him, if any, holds 55% or more but less than<br />
75% of the shares or voting rights (or, where the company concerned obtained the initial listing of its shares<br />
by making an offer of at least 10% of the issue size to the public pursuant to Rule 19(2)(b) of the SCRR,<br />
less than 90% of the shares or voting rights in the company) in a company cannot acquire additional shares<br />
either by himself, or with, or through person acting in concert, entitling him to exercise voting rights or<br />
voting rights unless such acquirer makes a public announcement offering to acquire a further minimum of<br />
20% of the shares of the company at a price not lower than the price determined in accordance with the<br />
Takeover Code.<br />
However, an acquirer may acquire, together with persons acting in concert with him, additional shares or<br />
voting rights that would entitle him to exercise up to 5% voting rights in the company, without making a<br />
public announcement as aforesaid if (i) the acquisition is made through open market purchase in normal<br />
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