Choice Capital Advisors Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Pre-Offer Advertisement cum addendum and Recommendation of the Committee of Independent Director ....
Awaiting price reaction for this filing.
Choice Capital Advisors, the manager to the open offer, has submitted to BSE the Pre-Offer Advertisement cum addendum along with the IDC's recommendation for the open offer on Esha Media Research Limited by acquirer Opulus Bizserve Private Limited. The open offer is for up to 22,89,802 equity shares (26% of the emerging voting share capital) at a price of ₹15 per share. The IDC has reviewed the offer and deemed it fair and reasonable, noting that while the current market price is ₹39 per share, the offer price is above the 60-day VWAP as of the Draft Letter of Offer date. The company is under ESM Surveillance Stage 2, has reported zero EPS over the trailing four quarters, and has been loss-making for three consecutive years with minimal revenues. The advertisement was published in Financial Express, Jansatta, and Mumbai Lakshadeep on January 10-12, 2026.
Although the IDC has technically recommended the offer as fair, the ₹15 offer price is significantly below the prevailing market price of ₹39, meaning shareholders who tender may be selling at a steep discount. The company's weak financials (zero EPS, three years of losses, ESM surveillance) explain why the market price may not reflect intrinsic value. Shareholders should weigh the offer carefully against their own assessment of the stock's prospects before tendering.