Navigant Corporate Advisors Limited ("Manager to the Offer") has submitted to BSE a copy of Public Announcement under Regulation 3(1), Regulation 4 read with Regulation 15(1) and Regulation ....
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Awaiting price reaction for this filing.
An open offer has been announced for the public shareholders of Soma Papers and Industries Limited (BSE: 516038) by Mr. Shankar Varadharajan and Mr. Anancha Perumal Selvi Keshav (Acquirers) along with three persons acting in concert. The offer is for 4,26,58,200 equity shares (26% of the expanded share capital) at Rs. 10 per share, putting the total deal value at about Rs. 42.66 crore, payable entirely in cash. The offer is triggered by SPIL's board approving a large preferential allotment on August 7, 2025, which includes issuing shares to the Acquirers partly in exchange for acquiring KS Smart Solutions Private Limited (KSSPL). After the preferential issue and conversion of warrants, the Acquirers and PACs will collectively hold about 60.95% of SPIL's expanded capital, and they will be classified as promoters. An EGM to approve the preferential issue is scheduled for September 4, 2025, and a detailed public statement is expected by August 14, 2025.
Existing public shareholders of Soma Papers can tender their shares at Rs. 10 each in cash if they wish to exit; the low offer price versus the Rs. 20 price at which new public category investors are being issued shares suggests the deal is priced for control, not at a premium. Expect the stock to be volatile around the EGM date and detailed public statement.