Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Post Offer Advertisement to the equity shareholders of Esaar India Ltd ("Target Company").
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Awaiting price reaction for this filing.
Prabhat Capital Investments Ltd had launched an open offer to acquire up to 53,15,050 equity shares (26% of the capital) of Esaar India at Rs. 8 per share. The offer ran from September 1 to September 15, 2025. Only 1,548 shares were actually tendered by shareholders, against a proposed size of Rs. 4.25 crore — the tender value came to just Rs. 12,384. The acquirer had separately bought 6,34,688 shares (3.10%) via a Share Purchase Agreement, taking its post-offer holding to only 3.11% instead of the targeted 29.10%. Payment of consideration was made on September 19, 2025.
This open offer has essentially failed — shareholders showed almost no interest, suggesting they do not value the Rs. 8 per share offer price or do not want a change in control. The acquirer remains a minor shareholder and has not gained the dominant stake it was seeking, leaving the company's ownership structure largely unchanged.