Bombay Burmah Trading Corp: Promoter Inter-Se Share Transfer of 3.44%
The Bombay Burmah Trading Corporation Limited has received a disclosure regarding an inter-se transfer of shares between promoters. Nowrosjee Wadia and Sons Limited (Transferee) will acquire up to 24,00,000 shares, representing 3.44% of the total paid-up share capital, from Mr. Nusli Neville Wadia (Transferor). This transaction is exempt from making an open offer under Regulation 10(1)(a)(ii) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as it constitutes an inter-se transfer within the promoter group for internal restructuring. The acquisition price will be based on the prevailing market price, not exceeding 25% of the volume-weighted average market price of ₹1570.99 for the 60 trading days preceding the intimation.
Key Highlights
- Promoter group inter-se share transfer of 3.44% in Bombay Burmah Trading Corp.
- Acquisition of up to 24,00,000 shares by Nowrosjee Wadia and Sons Limited.
- Transaction exempt from open offer under SAST Regulations.
- Acquisition price linked to market price, within 25% band of VWAP ₹1570.99.
- Internal restructuring of promoter holding is the stated rationale.
Price Impact
More from BBTC