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Luxottica to challenge Sebi order on RayBan

Italian eyewear major Luxottica Group SpA said it has decided to challenge the Indian market regulator's ruling asking it to buy a further 20 per cent stake in RayBan Sun Optics.

"Luxottica Group considered the grounds of the decision and decided to file an appeal...believing to have valid reasons to challenge it," it said in a statement released late on Tuesday in Milan.

The Securities and Exchange Board of India had earlier on Tuesday ruled that Luxottica had violated the takeover code, which requires an acquirer of more than 15 per cent in a company to make an open offer to buy an additional 20 per cent from public shareholders.

Luxottica had gained control over a 44 per cent stake in RayBan Sun Optics through a 1999 takeover of Bausch & Lomb of the United States, but did not follow up with the open offer.

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