Intimation for submission of letter of offer to SEBI
Awaiting price reaction for this filing.
Smart Services Private Limited (acquirer) has submitted the Letter of Offer to SEBI for a mandatory open offer to acquire up to 64,86,000 equity shares (25% of voting capital) of Sharp India at Rs. 10 per share, totalling Rs. 6.49 crore. This follows a Share Purchase Agreement dated April 14, 2026, under which Smart Services has already acquired 75% stake (1,94,58,000 shares) from Sharp Corporation at the same Rs. 10 per share price. The open offer runs from June 16, 2026 to June 30, 2026. The acquirer, promoted by Shaila Gaikwad and others, has no prior experience in consumer electronics manufacturing and views Sharp India as a platform for future diversification. Post-offer, the acquirer will hold 100% of the company if fully accepted, though it intends to retain listing.
This is a complete change of control transaction with no offer premium over face value (Rs. 10), so shareholders should weigh the offer price against prevailing market price before tendering. The new promoter may restructure the board and pivot the business, introducing uncertainty about the company's future direction and operations.