Bonanza Portfolio Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Letter of Offer for the attention of the Shareholders of Synthiko Foils Ltd ("Target Company").
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Bonanza Portfolio Ltd, acting as Manager to the Offer, has submitted the Letter of Offer to BSE for an open offer on Synthiko Foils Ltd. The offer is by Mr. Abhishek Narbaria and Mr. Umesh Kumar Sahay (Acquirers) to buy up to 4,52,400 equity shares, representing 26% of the voting share capital, from public shareholders. The open offer follows a Share Purchase Agreement signed by the Acquirers and is being made under SEBI Takeover Regulations. Post completion, the existing sellers will cease to be classified as promoters and reclassified as public shareholders. If fully subscribed, the Acquirers' combined holding in Synthiko Foils will rise to 78.28%, which may push public shareholding below the minimum required threshold.
Public shareholders of Synthiko Foils can now participate in the open offer during the tendering period. The acquisition signals a change of control, and the company may face minimum public shareholding compliance issues if the offer is fully accepted.