Bonanza Portfolio Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the Shareholders of Covidh Technologies Ltd ("Target Company").
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Awaiting price reaction for this filing.
Bonanza Portfolio Ltd has submitted the Draft Letter of Offer to BSE on behalf of a group of 9 acquirers led by Mr. Pratap Deshmukh for an open offer to public shareholders of Covidh Technologies Ltd. The acquirers are buying up to 21,86,333 equity shares (26% of the emerging equity capital) at ₹10 per share, totaling a maximum consideration of about ₹2.19 crore. The open offer was triggered after existing promoter Mr. Ganapa Narsi Reddy renounced his rights entitlement of 49,30,000 shares (out of a 75 lakh share rights issue) in favor of the acquirers, resulting in a change in management and control. The rights issue is for 80,85,550 shares at ₹10 each (aggregating ₹8.09 crore). The tendering period is scheduled from November 28, 2025 to December 11, 2025.
This marks a change in control of Covidh Technologies, with the new acquirer group becoming the promoter after the deal. The offer price is at face value (₹10), so shareholders should compare it with the prevailing market price before deciding to tender. Shareholders should watch for the independent directors' recommendation and any upward revision before the November 27, 2025 deadline.