Choice Capital Advisors Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Draft Letter of Offer in relation to the open offer to the equity shareholders of Esha Media ....
Awaiting price reaction for this filing.
Opulus Bizserve Private Limited (Acquirer) is making a mandatory open offer to acquire up to 22,89,802 equity shares (26% of the emerging voting share capital) of Esha Media Research Limited at ₹15 per share, for a maximum consideration of about ₹3.43 crore. The offer is triggered under SEBI (SAST) Regulations 2011 due to a change in control, involving a Share Purchase Agreement to buy 1,50,000 shares (1.92%) from existing promoter-sellers at ₹14/share, plus a preferential allotment of 10 lakh equity shares and 70 lakh convertible warrants at ₹15 each. Post-transaction, the Acquirer will become the new promoter and the existing promoters will be reclassified as public shareholders. The offer opens on October 1, 2025 and closes on October 15, 2025.
Shareholders can tender their shares at ₹15 each during the tendering window (Oct 1–15, 2025), but since the company is small and the offer is not conditional on minimum acceptance, oversubscription will lead to proportionate acceptance. The deal signals a change of control at a modest premium and may trigger price discovery around the open offer price.