Bonanza Portfolio Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Draft Letter of Offer to the Shareholders of Indian Link Chain Manufacturers Ltd ("Target Company").
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Bonanza Portfolio Ltd, acting as Manager to the Offer, has submitted the Draft Letter of Offer to BSE for an open offer by Mr. Rajendra Kamalakant Chodankar to acquire up to 7,93,000 equity shares (26% of emerging equity capital) of Indian Link Chain Manufacturers Ltd at ₹71 per share, totaling about ₹5.63 crore. The open offer is triggered by a preferential allotment approved on May 13, 2025, where the Acquirer will subscribe to 10 lakh equity shares (32.79%) plus 40 lakh convertible warrants at ₹71 each, amounting to roughly ₹7.1 crore in shares and ₹28.4 crore in warrants. The transaction will result in a change of control and management, with the Acquirer being classified as the new promoter. The tendering period is scheduled from July 3, 2025 to July 16, 2025.
Public shareholders can tender their shares at ₹71 per share in cash during the offer window. The deal signals a change of control at the company, which may bring shifts in management direction and could prompt a re-rating of the stock depending on the Acquirer's future plans.