Choice Capital Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Post Offer Advertisement under Regulation 18(12) of SEBI (Substantial Acquisition of Shares and Takeovers) ....
Awaiting price reaction for this filing.
Choice Capital Advisors, the manager to the open offer, has submitted a Post-Offer Advertisement to BSE for the acquisition of up to 22,89,802 equity shares (26% of fully diluted equity) of Esha Media Research Ltd by Opulus Bizserve Private Limited at Rs 15 per share, totaling about Rs 3.43 crore. The offer ran from January 13 to January 28, 2026, with payment made on February 4, 2026. The response was extremely poor: only 1 share was actually tendered by public shareholders against the proposed 22,89,802, so the acquirer picked up just Rs 15 worth of shares via the open offer route. With 1,50,000 shares already acquired under the Share Purchase Agreement, the acquirer's post-offer stake stands at 29,74,422 shares or 33.77%, well below the proposed 59.77%. Public shareholding reduced only marginally from 48.29% to 42.80%. A further 10,00,000 shares from a preferential allotment are still pending BSE in-principle approval.
For shareholders, the takeaway is that the Rs 15 offer price did not attract sellers — barely any public shareholders tendered, suggesting either low confidence in the offer price or a desire to stay invested. The acquirer has fallen well short of taking control and is now reliant on the pending preferential allotment (10 lakh shares) and SPA share transfer to build a controlling stake.