Bonanza Portfolio Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Draft Letter of Offer to the Shareholders of Synthiko Foils Ltd ("Target Company").
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Mr. Abhishek Narbaria and Mr. Umesh Kumar Sahay (the Acquirers) are making a mandatory open offer to public shareholders of Synthiko Foils Ltd (a BSE-listed company based in Jawhar, Thane) at ₹134.12 per equity share, targeting up to 4,52,400 shares (26% of voting capital), with a maximum consideration of about ₹6.07 crore. This open offer follows a Share Purchase Agreement signed on May 2, 2025, under which the Acquirers will buy 9,09,703 shares (52.28%) from the existing promoter group at ₹123 per share, totalling about ₹11.19 crore, resulting in a change of control. The existing promoters will be declassified post-completion, and the Acquirers will become the new promoters with management control. The tendering period is scheduled from June 25, 2025 to July 8, 2025, and Bonanza Portfolio Ltd is acting as the Manager to the Offer.
Existing public shareholders of Synthiko Foils Ltd can tender their shares at ₹134.12 during the offer window (June 25 – July 8, 2025), which represents a premium over the negotiated SPA price of ₹123. The deal triggers a change in control and management of the listed company, and post-offer the Acquirers must ensure minimum public shareholding compliance.