GMR Infra: 'No need' for open offer

The Securities and Exchange Board of India on Friday exempted the promoters of GMR Infrastructure from making an open offer pursuant to a proposed transfer of shares by way of gift to five family trusts. The proposed transaction involves transfer of 100 per cent stake in GMR Holdings Pvt Ltd (GHPL) — one of the promoter entities of GMR Infra — to five family trusts — GVMR Trust, SBR Trust, GBSRSS Trust and GKKR Trust and GMR Family Fund Trust. As a result of change in the ownership pattern of GHPL, the five family trusts would indirectly acquire 70.3 per cent stake in GMR Infra. After looking into a plea by G.M. Rao and others for an exemption from open offer, SEBI said: “there would be no change either in the shareholding of GHPL in the target Company (GMR Infra) or in the shareholding pattern of the promoter and promoter group in the target company.” — Our Bureau