Bonanza Portfolio Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer for the attention of the Public Shareholders of Baba Arts Ltd ("Target Company").
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On the reaction day the stock moved 1.7 pts less than Nifty Microcap 250 and 4.1 pts less than its Film Production, Distribution & Exhibition peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Skybridge Interactive LLP (the Acquirer) has triggered a mandatory Open Offer to buy up to 1,32,92,000 equity shares (25.32% of total share capital) of Baba Arts Limited from public shareholders at ₹6.00 per share in cash, under SEBI Takeover Regulations. The offer size is capped at 25.32% because the public holds no more than that, and full acceptance would mean a maximum payout of ₹7.97 crore. Post the underlying Share Purchase Agreement and this offer, the Acquirer is expected to hold around 99.99% of the company, effectively taking complete control and squeezing public float to negligible levels. The Draft Letter of Offer was filed on March 12, 2026, with the offer window running from April 27, 2026 to May 11, 2026. A notable risk: the company has a contingent service tax liability of ₹7.64 crore under dispute at CESTAT, Mumbai. The Acquirer's designated partner was earlier flagged as a wilful defaulter in a settled loan matter, though no dues certificates have since been issued.
This is a change-of-control event where public shareholders get a fixed exit at ₹6/share, but the stock will likely see very low liquidity after the offer since the Acquirer will own ~99.99%. Minority shareholders face the real possibility of a future delisting.