Mark Corporate Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to eligible Equity Shareholders of Devinsu Trading Ltd ("Target Company").
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Devinsu Trading Ltd, a BSE-listed company (scrip 512445), is the target of a mandatory open offer from individual acquirer Mr. Deniis Desai at ₹350 per share. The offer was triggered after he signed a Share Purchase Agreement on July 9, 2025 with promoter Sunshine Fibre Pvt Ltd to buy 91,493 shares (14.52% of the expanded voting capital) for about ₹3.20 crore in cash. Under SEBI Takeover Regulations, the acquirer is now making an open offer for up to 1,63,800 shares (26% of the expanded voting capital), aggregating to about ₹5.73 crore in cash. The tendering window runs from September 2 to September 16, 2025, and a simultaneous preferential allotment of 1,30,000 shares is also planned. Post-offer, Desai would hold 53.22% and gain control, while the existing promoter exits the promoter category. Notably, Devinsu currently has no revenue from operations and earns income mainly from dividends, interest, and gains on investments.
Eligible public shareholders (excluding the existing promoter) can tender their shares at the fixed price of ₹350 each between September 2–16, 2025. Given the stock is infrequently traded on BSE, this open offer effectively provides a clear exit opportunity for retail holders at a defined price, while signaling a change of control to a new individual promoter.