Quest Capital Markets files Regulation 31(4) disclosure under SEBI Takeover Regulations for CESC Limited

M&A / JV 22 Jun 2026 · Announced· ✓ Verified

Quest Capital Markets Limited has submitted a Regulation 31(4) disclosure to NSE under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, in relation to CESC Limited (formerly Calcutta Electric Supply Company), a listed power distribution and generation utility headquartered in Mumbai. Regulation 31(4) requires disclosure of acquisition of shares in a target company when a person acquires shares bringing their holding to a notifiable threshold (typically 25% or higher, or triggering an open offer obligation). CESC is a material asset in India's power sector; any substantial change in control carries regulatory implications under the Electricity Act 2003 and the…

Why it mattersA Regulation 31(4) filing indicates the acquirer has crossed the 25% threshold or intends a control change; the open offer threshold and exemption pathways under Regulation 37 (e.g. creeping acquisition, preferential allotment carve-outs) will determine timeline and offer structure-standard compliance issue but precedent-setting if Quest uses an unconventional exemption or if CESC board contests the valuation.
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