Corpwis Advisors Pvt. Ltd. ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement under Regulations 3(1) and 4 read with Regulations 13, 14 and 15(1) of Securities ....
Awaiting price reaction for this filing.
Deccan Bearings Limited (BSE: 505703) has received a Public Announcement for an Open Offer from the Satani family — Paresh Gushabhai Satani, Tanuj Pareshkumar Satani, Chirag Ramjibhai Satani, and Ramjibhai Gushabhai Satani (who are related as father-son and brothers). The Open Offer is triggered by two underlying transactions on April 22, 2025: (1) a Share Purchase Agreement to buy 11,47,504 shares (52.56% of existing capital) from Satyajit Mishra at ₹10/share, and (2) a preferential allotment of 1,78,16,666 shares at ₹10/share, of which 1,27,64,477 shares (63.82%) will go to the acquirers. Post-transaction, the acquirers will hold 69.56% of the expanded share capital. The Open Offer is for up to 52,00,000 shares (26%) at ₹10/share in cash, totalling ₹5.20 crore. The company's shares currently trade under Graded Surveillance Measure (GSM) Stage 1, and an EGM is scheduled for May 27, 2025 to approve the preferential issue.
The Satani family is taking over Deccan Bearings with a change of control and a significant expansion of the share capital. Existing public shareholders can tender shares at ₹10 each during the offer window, though the offer price is modest. The change in promoter group and capital structure may increase short-term volatility, especially given the existing GSM Stage 1 status.