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Why influence PNB Housing’s meeting: SAT to Sebi

Pointing out that the first question to be addressed was at what stage can Sebi step in, the tribunal said that the regulator could have passed an order after the EGM. Sebi’s advocate argued that the allotment would result in a change in control and consequently an open offer. He said that the price of shares in the preferential issue would also have a bearing on the open offer price and result in small investors being short-changed.

from Stocks-Markets-Economic Times
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