Announced Mon, 13 Jul · 20:29 IST

Promoters to sell 44.57% stake; mandatory open offer triggered

Price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reaction · full curve 14 horizons · vs prior close

+20.5%1-day move

₹1.61

prior close

₹1.77

base price

After-mkt

timing

5m10m15m30m1D2D3D4D5D7D15D1M2M3M

————+20.5+32.3+38.5+45.3+52.2+67.1————

Up moveDown movePending

AI summary

Existing promoters Anu Marwah, Inesh Marwah and J P Overseas Pvt Ltd have signed a Share Purchase Agreement to sell their entire 44.57% stake (4.45 crore shares) to Ashwani Gulati, Kiran Gulati and Veerasha Trust at INR 1.85 per share, totaling about INR 8.24 crore. This triggers a mandatory open offer for an additional 26% (2.6 crore shares) at INR 1.85, worth up to INR 4.81 crore. Post-deal, acquirers become new promoters and existing promoters move to public category. Open offer is not conditional on minimum acceptance.

Likely market impact

Change of control and promoter group. Public shareholders can tender shares in the open offer at INR 1.85 per share.