Choice Capital Advisors Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Letter of Offer in relation to the open offer to the equity shareholders of Esha Media Research ....
Awaiting price reaction for this filing.
Choice Capital Advisors, acting as Manager to the Open Offer, has submitted the Letter of Offer to BSE for an open offer to the public shareholders of Esha Media Research Limited. Acquirer Opulus Bizserve Private Limited is offering to buy up to 22,89,802 equity shares (26% of the Emerging Voting Share Capital) at ₹15 per share in cash, totaling a maximum consideration of around ₹3.43 crore. The offer opens on January 13, 2026 and closes on January 27, 2026. The offer was triggered by a Share Purchase Agreement dated August 6, 2025 to acquire 1,50,000 shares (1.92%) from three promoter sellers at ₹14/share, combined with a preferential allotment of 10 lakh equity shares and up to 2.39 crore convertible warrants to the Acquirer, which will give the Acquirer control of the company. The offer price of ₹15 is below the market price of ₹19.96 on the date of the original public announcement.
This is a change-of-control open offer under SEBI's Takeover Code, meaning a new promoter (Opulus Bizserve) is taking over Esha Media Research. Public shareholders can tender their shares during the offer window at ₹15/share, but since this is below the prevailing market price (₹19.96), there is little financial incentive to tender unless they want to exit. The preferential allotment to the Acquirer will dilute existing shareholders and shift control of the company.