Grow House Wealth Management Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of the Sarda Proteins Ltd ("Target Company").
Awaiting price reaction for this filing.
Sarda Proteins Limited has received a Letter of Offer from Grow House Wealth Management (Manager to the Offer) for an Open Offer by Onix Renewable Limited (Acquirer) along with three persons acting in concert. The offer is to acquire 17,30,400 equity shares (19.28% of the voting share capital) at ₹115 per share, for a maximum total consideration of approximately ₹19.90 crore. The offer is triggered under SEBI (SAST) Regulations 3(1) & 4 following conversion of 72.5 lakh convertible warrants, of which 70 lakh went to the Acquirer itself. The tendering period runs from June 11, 2026 to June 24, 2026. The acquirer has stated it will take control of the board and management of the company, with existing promoter-directors set to resign.
This represents a change of control transaction — Onix Renewable Limited is set to become the new controlling shareholder of Sarda Proteins, with existing promoters stepping down from the board. Public shareholders can choose to tender their shares at ₹115 or stay invested under new management. There is a risk that public shareholding may fall below the mandatory 25% threshold post-offer, requiring remedial action by the acquirer.