Draft letter of Offer Letter(DLOF) issued by saffron Capital advisors Pvt Ltd(Manager to the offer) in relation to the open Offer to the Eligible Public Shareholders of Alchemist Corporation Limited
Awaiting price reaction for this filing.
Alchemist Corporation Limited (BSE: 531409) has submitted the Draft Letter of Offer for an open offer by Wallet Circle Technologies Limited to acquire up to 12,72,133 equity shares (25.89% of voting capital) from public shareholders at Rs. 16 per share, aggregating up to Rs. 2.03 crore. This mandatory open offer is triggered under SEBI (SAST) Regulations 3(1) and 4 following a Share Purchase Agreement dated April 04, 2025, under which the acquirer will purchase 36,42,200 shares (74.11%) from promoter Rajendra Seclease Limited at Rs. 6 per share (Rs. 2.18 crore). The transaction involves a change in control, with all existing directors set to resign and the acquirer's nominees to be appointed on the board. The tendering period is scheduled from June 03, 2025 to June 16, 2025.
Shareholders can tender their shares at Rs. 16 per share during the offer window (June 3-16, 2025). The offer price represents a notable premium over the SPA price of Rs. 6 paid to the promoter. Post-completion, there will be a change in control with the acquirer taking over the board, which may lead to changes in business direction and strategy.