Bonanza Portfolio Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Shareholders of Covidh Technologies Ltd ("Target Company").
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On the reaction day the stock moved 2.6 pts more than Nifty Microcap 250 and 2.9 pts more than its Computers - Software & Consulting peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Bonanza Portfolio Ltd has submitted the Letter of Offer to BSE for an Open Offer to the public shareholders of Covidh Technologies Ltd, triggered under SEBI Takeover Regulations. A group of 9 acquirers (Deshmukh, Garad, Yadav, Kadam, Lonkar families/individuals) is offering to buy up to 21,86,333 equity shares, representing 26% of the emerging share capital, at Rs. 10 per share — totaling about Rs. 2.19 crore if fully accepted. The trigger is a change in control stemming from the existing promoter Mr. Ganapa Narsi Reddy renouncing his rights in a Rs. 8.09 crore Rights Issue in favor of the acquirers, giving them 58.63% of the post-issue capital. The Rights Issue was allotted on November 11, 2025, and BSE gave in-principle approval on October 14, 2025. The Open Offer window runs from December 23, 2025 to January 6, 2026.
This is a change-of-control Open Offer — public shareholders can tender shares at Rs. 10 each in cash. It signals a management/promoter change at Covidh Technologies, and the share price may respond to demand around the tendering period.