Right Issue Exemption under Takeover Code REGULATIONS

Nitesh Agarwal (Querist) 10 December 2010 This query is : Open
Hi,

As we know that Allotment pursuant to an application made by the share holders for Right Issues is exempted under Regulation 3 of SEBI (SAST) Regulations, 1997.

My doubt is in case the company go for rights issue with a clause of renounciation and the person(nominee) who acquires such shares on renounciation rights, will that attract the takeover code ??

Regards,
Nitesh Agarwal

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