Fast Track Finsec Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Public Announcement under for the attention of Equity Shareholders of Omansh Enterprises Ltd ("Target Company").
Awaiting price reaction for this filing.
Four acquirers — Avnish Jindal, Piyush Gupta, Nilesh Jindal, and Purshottam Kumar Gupta — have announced an open offer to buy up to 44,03,007 equity shares (25.12% of expanded voting capital) of Omansh Enterprises Ltd at Rs. 2 per share, aggregating to Rs. 88.06 lakh in cash. The offer is triggered under SEBI (SAST) Regulations 3(1) and 4, following two underlying transactions: a Share Purchase Agreement to acquire 45,00,000 shares (25.67%) from existing public shareholders for Rs. 90 lakh, and conversion of 16,25,000 compulsory convertible preference shares (CCPS) into 81,25,000 equity shares (46.35%) worth Rs. 1.62 crore. Post-transaction, the acquirers will collectively hold 72.03% of the expanded voting share capital and become the new promoters. Omansh Enterprises had earlier undergone Corporate Insolvency Resolution Process with an NCLT-approved resolution plan dated February 29, 2024. The acquirers have stated no intention to delist the company from BSE.
Public shareholders can tender their shares at Rs. 2 per share in cash during the tendering period. Post-offer, the acquirers will gain control of the company and become promoters, effectively resulting in a change of management at Omansh Enterprises. If the acquirers' holding crosses 75%, they will need to take steps to meet minimum public shareholding norms under SCRR.