RattanIndia Infra up 20% on SC's dismissal of Sebi order appeal

Shares of RattanIndia Infrastructure jumped 20 per cent on Thursday after the Supreme Court dismissed the company promoters' appeal against a Sebi order asking them to revise the open offer price to Rs 6.3 per share from Rs 3.20 apiece.

The Securities Appellate Tribunal (SAT), too, had rejected an appeal by against the Sebi order. In its order dated April 4, 2017, SAT upheld the Sebi order and directed the promoters to deposit Rs 115 crore with interest of 10 per cent per year from July 2014 till March 2017.

In response to an email query, a RattanIndia spokesperson said,"... the Acquirers have informed us that they have not yet received the copy of the order.... Thus, till the Acquirers see the passed order and make RattanIndia Infrastructure Limited aware of its contents, we cannot comment on the same."

In October 2014, promoters of the company, formerly Indiabulls Infrastructure had made the mandatory open offer to buy 26 per cent of its share capital at Rs 3.20 a piece. But in July 2014, as part of the Indiabulls split, the Sameer Gehlaut-led firms transferred their shares to Rajiv Rattan and Saurabh Mittal at about Rs 6.3 per share.

In May 2016, Sebi directed RattanIndia promoters to pay Rs 6.3 a share with 10 per cent interest saying they were ineligible for exemptions under the takeover rules.