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The proposed acquisition of one crore equity shares of Blue Coast Hotels by conversion of 40 lakh fully paid-up cumulative redeemable preference shares (CRPS) would lead to shareholding of the promoter increasing from 44.48 per cent to 73.91 per cent.

“The conversion of CRPS into equity shares would not result in change of control in the target company (Blue Coast Hotels and Resort) as the applicant and the Persons Acting in Concerts (PACs) form part of the promoter group which is already in control of target company,” SEBI said in its order.

The regulator exempted the applicant, Square Investments & Financial Services Pvt Ltd and its 12 PACs from making the open offer.

The company had approached Corporate Debt Restructuring cell, for restructuring package, that also stipulated the condition to convert the preference capital of Rs 40 crore into equity.

The Securities and Exchange Board of India (SEBI) rules require a mandatory open offer for minority shareholders in the event of any major change in the promoter holding of a listed company, including in the wake of any direct or indirect acquisition of 25 per cent or above stake.

Such open offers are required for acquisition of up to 26 per cent stake from public shareholders.

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