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Sebi ups creeping acquisition limit to 10%

The Securities and Exchange Board of India has increased the creeping acquisition limit from five per cent to ten per cent.

Now, shareholders owning 15 to 75 per cent stake in a company can buy upto further 10 per cent of the target company's shares annually without attracting the public offer provision of the takeover code.

The relaxation would be for the period up to March 31 2002 subject to review as and when required depending upon the experience, said a release from Sebi.

UNI

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