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| Exchange Disseminated Time | Accel Frontline Ltd has informed BSE that :
"This has reference to the Promoter's decision to divest their excess shareholding so as to achieve Minimum Public Shareholding (MPS) norms in terms of Rule 19A of the Securities Contracts (Regulation) Rules, 1957 and comply with clause 40A of the Listing Agreement.
in this context, the promoter group had requested Accel Frontline Limited ("the Company") to seek relaxation from SEBI in respect of the applicability of sub regulation (1) of regulation 91-I of the ICDR Regulations and permit the Promoter Group to offer for sale, 14.02% of the Company's Equity Share Caprtal, through the Institutional Placement Programme route to meet the MPS requirement.
We wish to inform that SEBI has acceded to the request made by the Company and has therefore, allowed the promoter group to offer for sale 41,72,547 Equity Shares, representing 14.02% of the Company's Equity Share Capital, by way of an Institutional Placement Programme under Chapter VIII-A of the SEBI (ICDR) Regulations, 2009. A copy of the letter received from SEBI is attached for your reference.
The Promoters are in the process of finalising, in discussion with the Company, the mode and methodology of divestment of Equity Shares for achieving the MPS requirement." |
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