New Delhi, Dec. 26 (PTI): The Supreme Court has upheld market regulator Sebi’s direction to Italy’s Luxottica Group SPA, the parent company of Rayban Sun Optics India Ltd, to make an open offer for 20 per cent of the company’s shares.

It directed Luxottica, which acquired Bausch & Lomb and consequently 44 per cent equity in B&L’s Indian business (now Rayban Sun Optics), to make the announcement within 45 days.

Under the Sebi takeover code, any acquisition of over 15 per cent equity is required to be followed up with a mandatory open offer for an additional 20 per cent stake.

The court also asked the group to include in the offer price an interest rate of 10 per cent per annum calculated from August 27, 1999.

The interest shall be applicable till the date of payment to all those who were its shareholders as on August 27, 1999 and “continue to be shareholders of the target company on the closure date of the public offer”.

The referral date for calculation of open offer price is April 28, 1999, a division bench comprising Justice B.N. Agrawal and Justice A.K. Mathur said.

Luxottica had challenged Sebi’s order that the group should make an open offer for 20 per cent additional shares in view of it acquiring 44 per cent equity stake in B&L’s Indian subsidiary.

The apex court also asked the bank guarantee to “be kept alive till conclusion of the purchase pursuant to the public announcement and offer”.

Shares of Rayban Sun Optics appreciated 3.26 per cent at Rs 98.20 today on the BSE.

According to Sebi, Luxottica violated the takeover code by not making an open offer by buying the minimum 20 per cent from the shareholders of Rayban Sun Optics India after it purchased Rayban’s global parent.