Intimation of Public Announcement received from Navigant Corporate Advisors Limited
Awaiting price reaction for this filing.
Smart Services Private Limited has entered into a Share Purchase Agreement to acquire 75% stake (1,94,58,000 shares) from existing promoter Sharp Corporation at Rs. 10 per share. This acquisition triggers an Open Offer under SEBI regulations to purchase up to 25% of voting capital from public shareholders at the same price of Rs. 10 per share. The total open offer size is Rs. 6.49 crore for 64,86,000 shares. Upon completion, Smart Services will become the new promoter while Sharp Corporation will be reclassified as a public shareholder. The shares are infrequently traded on BSE.
Existing public shareholders have an opportunity to exit at Rs. 10 per share. The takeover will result in a change of control and promoter status, which could impact the company's future operations and strategy.