Bonanza Portfolio Ltd ("Manager to the 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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A group of 9 individuals (the Acquirers, led by the Deshmukh and Garad families along with others) have triggered a mandatory open offer for Covidh Technologies Limited at ₹10 per equity share. The offer is for up to 21,86,333 shares, representing 26% of the post-Rights Issue share capital, with a total payout of about ₹2.19 crore. The trigger came from the existing promoter Ganapa Narsi Reddy renouncing his rights entitlement of 49,30,000 shares (58.63% of emerging capital) in a ₹8.09 crore Rights Issue in favour of these strategic investors. Covidh Technologies had earlier emerged from the NCLT insolvency resolution process, and this Rights Issue is being used to bring the company into compliance with the minimum 25% public shareholding rule under SCRR. The existing promoter will be reclassified as a public shareholder after the transaction, and the company will continue to remain listed on BSE.
For public shareholders, this is a triggered open offer — they can tender shares at ₹10 each until the tendering window opens (detailed timeline to follow in the Detailed Public Statement by October 10, 2025). The offer price of ₹10 equals the face value and the rights issue price, with no premium, and the acquirers intend to keep the stock listed, suggesting no delisting upside for retail investors.