Diageo can confirm that we have received an observation letter from Sebi, which is part of the ongoing approval process. We are now considering Sebis comments, said a statement from Diageo. Offer manager JM Financial did not respond to a query from FE in this regard.
According Sebis website, it had given its final comments on January 31. A UB Group spokesman said that they were unable to comment. The deal would also require a clearance from the CCI.
The fair trade authority had asked Diageo for additional information and is currently processing its application. It is not clear what Sebis final comments are, but it had previously raised concerns on the allotment of preferential shares to the acquirer.