Bonanza Portfolio Ltd ("Manager to the Offer") has submitted to BSE a copy of Public Announcement ("PA") under Regulation 3(1) and 4 read with 13, 14 and 15(1) of Securities and Exchange ....
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On the reaction day the stock moved 4.7 pts more than Nifty Microcap 250 and 5.2 pts more 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 has signed a Share Purchase Agreement to acquire 3,92,00,000 equity shares (74.67%) of Baba Arts Limited from existing promoter Mr. Gordhan Prabhudas Tanwani at ₹6 per share, aggregating to ₹23.52 crore. This deal triggers a mandatory open offer for an additional 1,32,92,000 shares (25.32%) from public shareholders at the same price of ₹6 per share, with total open offer consideration of around ₹7.97 crore. The offer is being managed by Bonanza Portfolio Limited under SEBI takeover regulations. After the deal, Skybridge Interactive LLP will become the new promoter of Baba Arts, and one existing promoter, Mr. Pravin J. Karia, has indicated he wants to be reclassified as a public shareholder. The acquirer has confirmed it does not plan to delist the company from BSE.
This is a change-of-control event for Baba Arts — public shareholders get an opportunity to exit at ₹6 per share. The offer price and the SPA price are identical, so there is no premium upside on the open offer. Existing promoter Mr. Gordhan Tanwani is fully exiting, and new management will take over the company going forward.