Vistra ITCL (India) Ltd Submits Disclosure for Asian Hotels (North) Ltd Under Takeover Regulations

Vistra ITCL (India) Ltd, in its capacity as the debenture trustee, has submitted a disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Asian Hotels (North) Ltd. The disclosure is in connection with the debenture trust deed and the non-disposal undertaking of Elana Holdings Pte. Ltd. The financings availed by the Target Company and Elana Holdings Pte. Ltd. are collectively referred to as the ‘Relevant Financings’. The undertakings being provided by Elana Holdings Pte. Ltd. over the shares and / or the securities of the Target Company held by it and the pledge created over the shares of Elana Holdings Pte. Ltd. issued by it to its shareholders are treated as an encumbrance under Takeover Code. The Target Company has also agreed that it shall procure that there will not be any change in its shareholding pattern without the prior written consent of the Debenture Trustee.