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India: Chhub exempted from open offer for Steelage stake (227).
Our Bureau
MUMBAI, April 29
SECURITIES and Exchange Board of India has given clearance to Chhub International Holdings Ltd for taking over 30 per cent stake of Steelage Industries Ltd from Turner Morrison Group (TMG).
According to a SEBI release, Chhub is exempted from making a public offer for the proposed acquisition of 30 per cent of shares of Steelage from TMG.
Following the takeover, TMG stake would be reduced to 29.18 per cent from the current 59.18 per cent and Chhub stake would increase from 23.8 per cent to 53.8 …
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