Sri Adhikari Brothers Television Network Limited has informed the Exchange about General Updates- Public Announcement- Open Offer
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Mr. Kurjibhai Premjibhai Rupareliya (Acquirer), along with PAC M/s Leading Leasing Finance and Investment Company Limited, has announced a mandatory open offer to acquire up to 53,46,238 equity shares (13.24% of emerging voting share capital) of Sri Adhikari Brothers Television Network Limited at Rs. 10 per share, with maximum aggregate consideration of Rs. 5.35 crore. The open offer is triggered by two underlying transactions: a Share Purchase Agreement to buy 1,50,00,000 shares (37.15%) from existing promoter Ruani Media Service Limited for Rs. 15 crore, and a preferential allotment of 1,50,00,000 shares (37.15%) to the Acquirer for Rs. 15 crore. After completion, the Acquirer will hold 74.31% and PAC 12.38%, totalling 86.69%, resulting in a complete change of control with the new Acquirer classified as promoter. The existing promoter and promoter group will cease to be part of the promoter group post-transaction. Grow House Wealth Management Private Limited is the Manager to the Offer, and the detailed public statement is to be published by June 20, 2025.
This is a complete change-of-control event for SABTNL, with the new acquirer taking over via share purchase and preferential allotment. Public shareholders can tender shares at Rs. 10 per share in the open offer, but since the shares are not frequently traded and the offer price equals the negotiated price, the upside in the open offer window may be limited. The stock may see activity around the change-of-control narrative and any future strategic direction announced by the new promoter.