Mumbai, Feb 13 (PTI) Paving the way for sale of crisis- ridden Satyam, market regulator SEBI today relaxed its takeover regulations involving companies whose boards have been superseded by the government.
Following the amendment, Sebi can exempt suitors of such companies from provisions of Chapter-III of takeover code that deals with open offer, including its timing, size and pricing.
The amended rules also disallows open offers from rival bidders if an acquirer has already made an open offer.
Under the present norm, the acquirer`s offer has to take into account the 26-week average price, which in the case of Satyam works out to be manifold more than the current price.
Satyam had earlier written to Sebi, saying its share price prior to January 7 is not valid and sought relaxation in the takeover rules.
B K Modi -promoted Spice Group too have evinced interest in Satyam
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