Mark Corporate Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Revised Draft Letter of Offer to eligible Equity Shareholders of Devinsu Trading Ltd ("Target Company").
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Mark Corporate Advisors has filed the revised Draft Letter of Offer with BSE for an open offer to public shareholders of Devinsu Trading Limited. Acquirer Mr. Deniis Desai (individual, 17 years in real estate, net worth of ~₹13.14 crore) is buying 91,493 shares (14.52% of emerging voting capital) from promoter Sunshine Fibre Pvt Ltd at ₹350 per share (~₹3.20 crore) and is also subscribing to 80,000 shares in a preferential issue, along with 50,000 shares to non-promoters. The open offer is for up to 1,63,800 shares (26% of emerging voting capital) at ₹350 each, totalling ~₹5.73 crore in cash. After all transactions, the acquirer will hold 53.22% of the expanded share capital, marking a change of control, and the existing promoter will be declassified. The offer opens on September 2, 2025 and closes on September 16, 2025. Devinsu is a BSE-listed shell-like entity with no revenue from operations, earning mainly from investments and dividends (FY25 PAT of ₹118.34 lakhs, book value of ₹324.29 per share).
Public shareholders can tender shares at ₹350 per share, which is a modest premium over the FY25 book value of ₹324.29. The deal will result in a change of control to a single individual acquirer with no prior stake, and the company will need to maintain 25% minimum public shareholding post-offer. Shares are infrequently traded, so the open offer window is a key exit opportunity for retail holders.