Inter promoter share transfer, Corporate Laws / SEBI / LLP

[MEENAKSHI GOYAL]

Hello Can any body tell me that my company is public listed company and one of the promoter of that company want to sell their shares to another promoter at more than market traded price . Its shares are listed on both NSE and BSE at ₹ 27 but promoter wann to deal it at ₹ 40. So can promoter do this??? and What are the provisions regrading Inter promoter share transfer under takeover code 2011???

Posts / Replies

[Naveed S]

Key provisions are as under:-

(i) Acquisition price per share should not be higher by more than 25% of the volume weighted average market price for a period of 60 trading days preceding the date of issuance of notice for the proposed inter se transfer.

(ii) The acquirer needs to intimate the stock exchange(s), the details of the proposed acquisition at least four working days prior to the proposed acquisition.

(iii) Promoters should be disclosed as such for atleast three years prior to the proposed acquisition.

[MEENAKSHI GOYAL]

Thanks for your suggestion but can you provide me its regulation no and whether promoter has to make public offer for this?