Swaraj Shares and Securities Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Post-Offer Public Announcement to the Shareholders of SER Industries Ltd ("Target Company").
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Awaiting price reaction for this filing.
The open offer by Mr. Sunil Kumar Shahi to acquire up to 2,57,294 shares (26% of voting capital) of SER Industries Limited at ₹35 per share has closed with almost no public participation — only 300 shares were tendered and none accepted, so no consideration was paid to public shareholders. The Acquirer had already completed a Share Purchase Agreement on May 22, 2025, buying 5,47,215 shares (55.30%) from the existing promoter group at ₹35 per share, aggregating to ₹1.91 crore. With the SPA done, the Acquirer's total holding stands at 8,04,509 shares, or 81.30% of voting capital. The Acquirer will now apply to be reclassified as promoter of SER Industries under SEBI LODR regulations. The settlement date is September 11, 2025.
Public shareholders largely skipped the offer, indicating they expect value above the ₹35 offer price or simply did not tender. With the Acquirer already at 81.30%, the stock now has very low public float (just 18.70%), which may hurt liquidity and could eventually open the door to a delisting move by the new promoter.