Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Post-Open Offer Report under Regulation 27(7) of SEBI (Substantial Acquisition of Shares and Takeovers) ....
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On the reaction day the stock moved 2.4 pts more than Nifty Microcap 250 and 2.4 pts more than its Diversified Commercial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Prabhat Capital Investments Limited has successfully completed an open offer to acquire up to 53,15,050 equity shares (26% of paid-up capital) of Esaar (India) Limited at Rs. 8.00 per share, totalling an offer size of Rs. 425.20 lakhs. The offer was triggered due to a change in control via a Share Purchase Agreement dated February 14, 2025. The response was extremely poor with only 1,548 shares (0.03%) tendered by public shareholders. Post-offer, the acquirer holds 8,56,236 shares (4.19%) of the company. The market price during the tendering period (Rs. 13.10 to Rs. 15.97) was significantly higher than the offer price of Rs. 8.00, explaining the low subscription.
The change in control has taken effect with the acquirer now holding 4.19% stake, but the open offer largely failed to attract public shareholders since market prices were nearly double the offer price. Public shareholding remains well above the minimum 25% requirement at 95.81%, so listing compliance is unaffected.