JM Financial Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public Shareholders of Aadhar Housing Finance Ltd ("Target Company").
AADHARHFC · price
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JM Financial, the manager to the open offer, has filed the Draft Letter of Offer with BSE for an open offer to public shareholders of Aadhar Housing Finance Ltd. The acquirer, BCP Asia II Holdco VII Pte. Ltd. (a Blackstone entity), along with two Blackstone PACs, is making a cash offer to buy up to 11.35 crore equity shares (25.82% of the expanded voting share capital) at ₹469.97 per share, valuing the deal at roughly ₹5,335 crore if fully tendered. This is a mandatory open offer triggered under SEBI's takeover rules because the acquirer has signed a separate Share Purchase Agreement to purchase up to 64.14% from the existing promoter (also a Blackstone entity) at up to ₹425 per share. The tendering period is scheduled from September 19, 2025 to October 3, 2025.
Public shareholders get a cash exit opportunity at ₹469.97 per share, which may set a near-term price floor for the stock. Since the existing promoter and the acquirer are both Blackstone group entities, the open offer is largely a regulatory formality from a change-of-control perspective, but public shareholders can choose to tender or hold their shares.