Swaraj Shares and Securities Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Detailed Public Statement in accordance with the provisions of Regulations 13(4), 14(3), and ....
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Mr. Sunil Kumar Shahi has triggered a mandatory open offer for SER Industries Limited (BSE: SERIND, Code: 507984) under SEBI Takeover Regulations, following a Share Purchase Agreement dated May 22, 2025 with the existing promoter group (Goel family and N.G. Cargocare Limited). Under the SPA, the acquirer will purchase 5,47,215 shares (55.30% of voting capital) at ₹35 per share, aggregating to about ₹1.92 crore. Separately, a public open offer is being made for up to 2,57,294 shares (26% of voting capital) at the same price of ₹35 per share, with maximum total consideration of about ₹90.05 lakh payable in cash. Post-offer, the acquirer will hold 81.30% of the company, resulting in a change of control but no intention to delist. The target company is small and loss-making, reporting FY25 revenue of just ₹49.37 lakh and a net loss of ₹38.82 lakh, with a net worth of only ₹4.44 lakh. The Detailed Public Statement was published in newspapers on May 29, 2025.
This is a change-of-control event for SER Industries. Public shareholders can tender their shares at ₹35 per share in cash until the offer closes. Given the stock is described as infrequently traded and the company is loss-making, the open offer price sets a clear floor for the stock in the near term, while long-term prospects depend on the new management's plans to expand business.