Grow House Wealth Management Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Public Announcement under Regulation 3(1) and Regulation 4 read with Regulation 13(1), 14 and ....
Awaiting price reaction for this filing.
Onix Renewable Limited, along with three persons acting in concert (Divyesh Savaliya, Piyush Savaliya, and Nikhil Savaliya), is making an open offer to buy up to 17,30,400 equity shares (19.28% of the emerging voting share capital) of Sarda Proteins at Rs. 115 per share, totaling about Rs. 19.9 crore in maximum consideration. The offer was triggered by the conversion of 72,50,000 convertible warrants on March 18, 2026, which pushed the acquirer's combined holding in the company to 80.72% and made them part of the new promoter group. The total consideration for the warrant conversion itself was about Rs. 83.4 crore in cash. Public shareholders can tender their shares during the 10-working-day tendering period, and the acquirer has stated no intention to delist the company.
This is effectively a change of control event for Sarda Proteins, with a new promoter group taking over 80.72% of the company. Public shareholders now have a cash exit opportunity at Rs. 115 per share, but those holding out will likely end up as minority shareholders in a company with very low public float. The stock price may move closer to the offer price in the near term as the tendering window approaches.