Saffron Capital Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of Ironwood Education Ltd ("Target Company").
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Saffron Capital Advisors, the manager to the offer, has submitted the Letter of Offer to BSE for an open offer on Ironwood Education Ltd (Scrip Code: 508918). Four acquirers – Balaji Raghavan, Manojshankar Tripathi, Rushabh Chaubey and Nitish Nagori – are offering to buy up to 33,33,030 equity shares (22.12% of voting capital) from public shareholders at ₹36.10 per share, including a ₹0.10 interest component. The maximum payout if fully subscribed is about ₹12.03 crore. The open offer follows a Share Purchase Agreement where these same acquirers are selling 100% of Trio Infrastructure Pvt Ltd to Ironwood Education via a share swap, triggering a change-of-control open offer under SEBI (SAST) Regulations. The tendering window runs from April 30, 2025 to May 15, 2025.
Public shareholders can exit by tendering shares at the ₹36.10 offer price if they find it attractive versus market price; investors should note the offer size is capped at 22.12% rather than the standard 26% because public holdings are limited. Post-deal, public shareholding may drop below the 25% minimum required for BSE listing, which could put the stock at risk of delisting actions.