JM Financial Limited has submitted to the Exchange a copy of Public Announcement for the attention of the public shareholders of Aadhar Housing Finance Limited under Regulation 3(1) and Regulation 4 read with Regulation 15(1) of the Securities and Exchange Board of India (Substantial Acquisition of shares and Takeovers) Regulations, 2011 and subsequent amendments thereto
AADHARHFC · price
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Awaiting price reaction for this filing.
Blackstone-affiliated BCP Asia II Holdco VII Pte. Ltd. (part of BCP IX and BCP Asia II funds) has signed a Share Purchase Agreement to acquire up to 64.14% of Aadhar Housing Finance from existing promoter BCP Topco VII Pte. Ltd. (part of older Blackstone funds BCP VII/Asia) at up to Rs. 425 per share, triggering a mandatory open offer for 25.82% of shares from public shareholders at Rs. 469.97 per share. The total open offer size is up to 11,35,25,761 shares, worth up to Rs. 5,335.37 crore in cash. The maximum value of the underlying promoter-to-promoter deal is around Rs. 11,987 crore. Post-deal, the Acquirer will become the new promoter and the existing promoter group will be reclassified as public. The transaction is subject to RBI, Competition Commission of India, and other approvals, and the Acquirer has no intention to delist the company.
Public shareholders can choose to tender their shares at Rs. 469.97 in the open offer, which is at a premium to the Rs. 425 price being paid to the existing promoter. The change of control is essentially within different Blackstone funds, so the broader strategic direction of the company may remain similar, but it marks a formal promoter change. Expect near-term stock price to track around the open offer price, with limited downside given the floor provided by the offer.