Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer for the attention to the Shareholders of Esaar India Ltd ("Target Company").
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On the reaction day the stock moved 3.2 pts less than Nifty Microcap 250 and 2.0 pts less 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 Ltd is making a mandatory open offer to acquire up to 53,15,050 equity shares (26% of paid-up capital) of Esaar India Ltd at Rs. 8 per share, following a change-of-control transaction. The trigger comes from a Share Purchase Agreement signed on Feb 14, 2025, under which Prabhat Capital will buy 6,34,688 shares (3.10%) from existing promoter Mr. Dheeraj Shah at Rs. 5 per share. Assuming full acceptance, the acquirer's post-offer holding will rise to 29.10%, giving it effective management control of the listed company. RBI approval for the change of promoter was already received on December 11, 2024, so no further statutory approvals are pending. The tendering window opens on September 1, 2025 and closes on September 15, 2025.
Shareholders of Esaar India can tender their shares at Rs. 8 per share during the offer window (Sep 1–15, 2025) for an exit opportunity. The offer signals a change of control and possible board/management changes post-completion, but the acquirer has stated no plans to delist and intends to continue the existing business.