Mark Corporate Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Detailed Public Statement under Regulation 13(4), 14(3) and 15(2) of the Securities and Exchange ....
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Mark Corporate Advisors, the manager to the offer, has filed the Detailed Public Statement with BSE on August 6, 2025, for an open offer to acquire up to 2,61,300 equity shares (26% of voting capital) of EMA India Ltd at ₹124 per share, totaling up to ₹3.24 crore in cash. The offer is triggered by a Share Purchase Agreement signed July 30, 2025, under which Dynalog (India) Ltd and five members of the Adhalrao family will buy 4,52,549 shares (45.03%) from existing promoters at ₹124 per share (total ₹5.61 crore), taking combined post-offer holding to 71.03% and resulting in change of control. Acquirers have deposited 100% of the maximum consideration (₹3.24 crore) in an escrow account with Axis Bank. EMA India, listed on BSE (scrip 522027), is currently a non-revenue-generating company with negative net worth of ₹174.70 lakhs as of FY25, whose promoters recently sold the company's land and building. The tendering period is scheduled from September 24 to October 8, 2025.
Public shareholders can tender shares at ₹124 per share, which represents a notable premium over the 60-day volume-weighted average price of ₹105.01. The takeover will result in a complete change of control and promoter reclassification, with the new acquirers (Dynalog and Adhalrao family) potentially diversifying the company's operations, though EMA India's weak financials (negative net worth, no revenue) mean the offer price is driven mainly by the negotiated SPA value rather than business fundamentals.