CapitalSquare Advisors Pvt. Ltd. ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement in accordance with the provisions of Regulations 3(1) and 4 read with Regulations ....
Awaiting price reaction for this filing.
BSL Infrastructure Limited has entered into a Share Purchase Agreement with the existing promoters of P.M. Telelinnks Limited to acquire 48,38,733 equity shares (48.03% of voting share capital) at ₹6.20 per share, totaling around ₹3 crore. This triggers a mandatory open offer under SEBI takeover rules for an additional 26,19,500 shares (26% of voting capital) from public shareholders at ₹6.81 per share, with maximum consideration of about ₹1.78 crore. The existing promoters will completely exit and cease to be promoters, with BSL Infrastructure becoming the new promoter. The offer is not subject to any minimum acceptance level and there is no intention to delist the company. The detailed public statement will be published within 5 working days.
Public shareholders can tender their shares at ₹6.81 per share in cash if they wish to exit. The deal signals a complete change of control, with new promoter BSL Infrastructure Limited (controlled by BSL Engineering Services Pte. Ltd.) taking over the company, which could lead to changes in business strategy and management going forward.