Navigant Corporate Advisors Limited ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer for the attention to the Shareholders of Soma Papers & Industries Ltd ("Target Company").
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Navigant Corporate Advisors, the Manager to the Offer, has submitted the Letter of Offer to BSE for a mandatory open offer to the shareholders of Soma Papers & Industries Ltd (BSE Code: 516038). The offer is triggered under SEBI Takeover Regulations due to a preferential allotment of 6,54,05,610 equity shares (56.64% of existing capital) to the Acquirers along with a change in control. The Acquirers (Mr. Shankar Varadharajan and Mr. Anancha Perumal Selvi Keshav), along with three Persons Acting in Concert, are offering to buy up to 4,26,58,200 equity shares (26% of expanded capital) from public shareholders at Rs. 10 per share. As part of the deal, KS Smart Solutions Private Limited will become a wholly owned subsidiary of the Target Company via a share swap valued at Rs. 48.74 crore. Post-offer, the Acquirers and PACs will hold 86.95% of the expanded share capital assuming full acceptance.
Public shareholders of Soma Papers can tender their shares between November 28 and December 11, 2025, at Rs. 10 per share in cash. The offer price appears to be at par with face value, so shareholders should evaluate carefully given the potential for low premium. The change in control and takeover of a non-operational company signals a possible diversification of business direction.