Bonanza Portfolio Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement ("PA") under Regulations 3(1), 4 read with Regulation 13, Regulation 14 and Regulation ....
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The Indian Link Chain Manufactures Limited (BSE: 504746) has received a Public Announcement for an Open Offer by Mr. Rajendra Kamalakant Chodankar, who is acquiring 10,00,000 equity shares (32.79% of emerging capital) via a preferential allotment at ₹71 per share, aggregating ₹7.10 crore. As per SEBI takeover rules, this triggers a mandatory open offer for an additional 7,93,000 shares (26% of emerging capital) from public shareholders at the same ₹71 per share, taking total open offer size to about ₹5.63 crore. The Acquirer will become the new promoter of the company post-allotment, and the listing on BSE will be retained. A Share Subscription Agreement was signed on May 13, 2025, with a Detailed Public Statement expected by May 20, 2025.
Public shareholders can tender shares at ₹71 each, a significant premium over the ₹10 face value, providing an exit opportunity. The change in promoter and substantial preferential issuance of shares plus convertible warrants (totalling up to ~₹55.7 crore in fresh capital) signals a major ownership shift and potential capital infusion, which may affect share price and liquidity going forward.