Corpwis Advisors Pvt. Ltd. ("Manager to the Open Offer") has submitted to BSE a copy of Detailed Public Statement in terms of Regulations 3(1) and 4 read with Regulations 13(4), 14(3) and ....
Awaiting price reaction for this filing.
The Satani family (Paresh, Tanuj, Chirag, and Ramjibhai Satani) is making a mandatory open offer to acquire up to 52 lakh equity shares (26% of expanded share capital) of Deccan Bearings Limited at ₹10 per share, totaling ₹5.2 crore in consideration. This follows Share Purchase Agreements signed on April 22 and April 28, 2025, to buy 17,35,573 shares (79.50% of existing capital) from current promoter Satyajit Mishra and other sellers at ₹10 per share. Additionally, the acquirers will subscribe to 1,27,64,427 shares (63.82% of expanded capital) via a preferential allotment, bringing their total post-offer holding to 72.50% of the company. Deccan Bearings is a small BSE-listed company with declining financials—revenue of just ₹3.90 lakh for 9M FY25 and net worth of only ₹23.69 lakh as of FY24—and its shares are infrequently traded and under ESM Stage 4 surveillance.
Existing public shareholders of Deccan Bearings can tender their shares at ₹10 each during the tendering period. The offer price is at par with the negotiated SPA price and the fair value determined by the valuer, which may limit upside. Post-acquisition, the company will see a complete change in control with the Satani family as new promoters, and the share capital will expand significantly via preferential allotment, leading to substantial dilution for non-tendering public shareholders.