Fast Track Finsec Pvt. Ltd. ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the eligible Shareholder(s) of Euro Asia Exports Ltd ("Target Company").
Awaiting price reaction for this filing.
Manager to the Offer Fast Track Finsec Pvt. Ltd. has submitted the final Letter of Offer to BSE for a mandatory open offer by Mr. Rajendra Kamalakant Chodankar to acquire up to 34,64,900 equity shares (25.26% of expanded voting share capital) of Euro Asia Exports Ltd (now RRP Defense Ltd) at ₹10 per share, aggregating to a maximum consideration of ₹3.46 crore. The offer is triggered under SEBI (SAST) Regulations following a Share Purchase Agreement dated January 25, 2025 for 1,88,900 shares (12.04%) from the outgoing promoter sellers at ₹4.76/share, combined with a preferential allotment of 1,00,00,000 shares to the acquirer. Post the preferential allotment, the acquirer already holds 72.89% of the expanded voting share capital, and assuming full acceptance of the open offer, his holding would rise to 99.53%, resulting in the public shareholding falling below the minimum 25% threshold required under SCRR rules. The offer opens on August 4, 2025 and closes on August 18, 2025.
Public shareholders of RRP Defense Ltd can tender their shares at ₹10 per share between August 4 and August 18, 2025. The transaction involves a change of control and will result in the company becoming essentially a privately-held entity, potentially leading to delisting considerations and very low trading liquidity post-offer.