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Exempted from making open offer

MUMBAI, AUG. 27. The Securities and Exchange Board of India has exempted L&T Employees Welfare Foundation from making an open offer to the shareholders of L&T while acquiring 9.62 lakh shares of the company.

The foundation is exempted from making an offer in the interest of welfare of employees. The proposed acquisition should be completed within 30 days from August 25, SEBI whole time member, A. K. Batra, said in his order here.

The foundation had sought exemption from making a public offer while acquiring 9.62 lakh equity shares of L&T from Samruddhi Swastik Trading and Investments Ltd, it said. — PTI

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