Receipt of Intimation of Public Announcement
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Arco Leasing Limited, a BSE-listed company, has received a public announcement from Mr. Jitesh Kothari and Mr. Atul Jaiswal (jointly, the Acquirers) for a mandatory open offer under SEBI Takeover Regulations. The Acquirers have signed a Share Purchase Agreement to buy 1,28,600 shares (53.57% of current paid-up capital) from the existing Ruia-family promoters at ₹6 per share, and a Share Subscription Agreement to subscribe to 79,50,000 fresh shares at ₹10 per share (₹7.95 crore). They have also launched a cash open offer for up to 27,74,970 shares (25.57% of the expanded share capital) at ₹10 per share, totalling about ₹2.77 crore. After completion, the two Acquirers will jointly hold 100% of the company and become the new promoters, replacing the existing promoter group. The transaction is subject to RBI approval because Arco's subsidiary is a registered NBFC, and the Acquirers have stated they do not intend to delist the company.
Public shareholders get a cash exit opportunity at ₹10 per share, though this is a small, illiquid stock. The deal represents a complete change of control and a fresh capital infusion of about ₹8.7 crore combined, which could change the company's strategic direction under new promoters.