Sri Adhikari Brothers Television Network Limited has informed the Exchange about General Updates
AQYLON · price
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Awaiting price reaction for this filing.
Ruani Media Service Private Limited, part of the promoter group, has signed a Share Purchase Agreement to sell 1,50,00,000 equity shares (59.12% of the existing share capital) to Mr. Kurjibhai Premjibhai Rupareliya for Rs. 10 per share, aggregating Rs. 15 crore. Mr. Rupareliya currently holds no shares in the company and is not related to the existing promoters or directors. The transaction will trigger a mandatory open offer under SEBI Takeover Regulations. Upon completion, the existing promoters and directors will cease to hold promoter/director status, and the acquirer will take control of the company, including changes to the board and management.
This is a complete change of control event. Shareholders should expect a mandatory open offer from the new acquirer at a SEBI-determined price. The stock may see significant volatility as the market digests the loss of existing promoters and the entry of a new controlling shareholder. The Rs. 10/share deal price is well below likely market value, so the open offer price will be a key catalyst.