The Securities and Exchange Board of India (SEBI) has exempted Grasim Ltd from having to make an open offer for CemCo, the cement company proposed to be demerged from L&T, and whose majority stake is to be acquired by Grasim, under an agreement between Grasim and L&T.  "The acquisition by Grasim of the shares of the unlisted target company i.e., CemCo in terms of the scheme of arrangement prior to the listing of shares of Cemco would be exempt under regulations of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997," SEBI has said in its clarificatory letter to Grasim.  The transfer of the CemCo shares to Grasim in terms of the scheme (including release from escrow) would not attract the provisions of the takeover code either, and Grasim would not be required to make a further open offer under the provisions as it would be exempt  of the SEBI Regulations, SEBI has said.