Sebi says no to foreign funds looking to complete mergers off market, says report

Markets regulator Securities and Exchange Board of India (Sebi) has put the applications of at least six foreign funds seeking buyout approvals on hold, The Economic Times reported.

These funds had asked the Sebi to allow the transfer of shares as part of the acquisition through off-market transactions, the report said citing two people privy to the development.

As per the report, the foreign funds sought this request because of the costs involved in doing these transactions through the stock exchanges.