Sebi revokes curbs on Gillette India

Sebi revokes curbs on Gillette India

Securities market regulator Sebi on Monday revoked restrictions that it had imposed on Gillette India, company directors and promoters for non-compliance with minimum public shareholding norms, after the FMCG firm achieved the stipulated limit.

Gillette India was earlier jointly promoted by consumer goods giant P&G and Poddar group entities.

Pursuant to various measures including an offer-for-sale (OFS) in November 2013, the promoter group's stake in Gillette was reduced to 75 per cent. Also, the stake of Poddar group was re-classified as public shareholding.

In an order today, Sebi said it is revoking "directions issued vide the interim order dated July 5, 2013, against the company, Gillette India Ltd, its directors, promoters and promoter group, with immediate effect".

On July 5, 2013, Sebi had prohibited promoters and directors of Gillette from dealings in the shares of the firm after it had failed to meet with the public holding limit.

The market regulator had also ordered freezing of all corporate benefits of Gillette's promoters and directors including voting rights, issuance of bonus shares, dividend payments, till the time the norms were complied with.

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