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SEBI has asked Reliance Infra to launch open offer in 12 days

The Securities and Exchange Board of India (SEBI) has asked Reliance Infrastructure, within 12 working days of getting approvals from CCI and Gujarat Maritime Board to launch the open offer to acquire 26 percent stake in Pipavav Defence.

In a filing to BSE Reliance Infrastructure said the Securities and Exchange Board of India (Sebi) has given its observation on the firm’s Draft Letter of Offer.

SEBI has advised in a letter that the tendering period for the Open Offer may commence not later than 12 working days from the date of the final order from the CCI and the final approval from the Gujarat Maritime Board, whichever is later…

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