Corpwis Advisors Pvt. Ltd. ("Manager to the Open Offer") has submitted to BSE a copy of addendum to the Public announcement dated April 22, 2025, issued under Regulations 3(1) and 4 read ....
Awaiting price reaction for this filing.
This is an addendum to the April 22, 2025 Public Announcement for an Open Offer to the public shareholders of Deccan Bearings Limited (BSE-listed). Four acquirers from the Satani family (Paresh, Tanuj, Chirag, and Ramjibhai Satani) are acquiring a controlling stake through three Share Purchase Agreements and a proposed preferential allotment. The addendum adds two new SPAs dated April 28, 2025 for buying 5,88,069 equity shares (26.93% of existing capital) from Sumita Mishra and Sachin Shankar Shivgan at ₹10 per share. Combined, the underlying transactions total 1,45,00,000 shares (72.50% of emerging voting capital) for ₹14.5 crore in cash. The mandatory Open Offer is for up to 52,00,000 shares (26% of fully diluted capital) at ₹10 per share, amounting to ₹5.2 crore, triggered under SEBI Takeover Regulations 3(1) and 4.
Existing public shareholders of Deccan Bearings can tender their shares in the Open Offer at ₹10 per share in cash. The low offer price and small total consideration (₹5.2 crore) suggest this is a thinly traded small-cap company undergoing a change in control rather than a premium-priced takeover, so shareholders should weigh the offer price against prevailing market value before tendering.