Grow House Wealth Management Private Limited has submitted to the Exchange a copy of Open offer Public Announcement of Sri Adhikari Brothers Television Network Limited ( Target Company) under Regulation 3 (1) and 4 read with Regulations 13(1), 14 and 15 (1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Subsequent Amendments Thereto.
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Mr. Kurjibhai Premjibhai Rupareliya (Acquirer) along with M/s Leading Leasing Finance and Investment Company Limited (PAC) has announced a mandatory open offer to buy up to 53,46,238 equity shares (13.24% of the emerging voting share capital) of Sri Adhikari Brothers Television Network Limited (SABTNL) at ₹10 per share, aggregating to a maximum of ₹5.34 crore. The open offer is triggered by two underlying transactions: a Share Purchase Agreement to acquire 1.5 crore shares (37.15%) from promoter Ruani Media Service Limited at ₹10 per share (₹15 crore), and a preferential allotment of another 1.5 crore shares (37.15%) to the Acquirer at ₹10 per share (₹15 crore). Post-transaction, the Acquirer and PAC will collectively hold 86.69% of the emerging voting share capital, gaining control of the company, while the existing promoter group will exit.
This signals a change of control at SABTNL, with the existing Adhikari promoter group selling out and a new promoter (Mr. Rupareliya) taking charge. The offer price of ₹10 may serve as a floor for the stock; shareholders can tender shares in the open offer or hold on, keeping in mind that the acquirer will have a dominant ~87% stake and the stock may see low liquidity going forward.