Almondz Financial Services Ltd ("Manager to the Offer") has submitted to BSE a copy of Public Announcement under the Provisions of Regulations 3(1) and 4 read with Regulations 13(1), 14 ....
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A mandatory open offer has been announced for the public shareholders of Lake Shore Realty Limited (formerly Mahaan Foods Limited) under SEBI Takeover Regulations. The acquirers — AL Maha Investment Fund PCC – ONYX Strategy (a Mauritius-based foreign portfolio investor) and Indigo Infracon Private Limited — have signed a Share Purchase Agreement on May 30, 2025 to buy 19,19,630 equity shares (54.84%) from the existing promoter group for about Rs. 11.04 crores. Following this, the acquirers are making an open offer for an additional 9,10,182 shares (26%) from public shareholders at Rs. 57.51 per share, aggregating to a maximum payout of Rs. 5.23 crores. Post-offer, the acquirers will collectively hold up to 80.83% of the company, with the existing promoters fully exiting. The listing on BSE will be retained, and no delisting is proposed. The company has also recently rebranded from Mahaan Foods to Lake Shore Realty, signalling a shift in business focus.
This is a change-of-control event with the existing promoter group exiting entirely and new acquirers taking over. Public shareholders can tender shares at Rs. 57.51 in cash if they wish to exit, but the offer is not conditional on minimum acceptance. Investors should note that the Acquirer 2's promoter was declared a willful defaulter by RBI in 2013-14, and the post-offer public shareholding may fall below the 25% minimum, requiring restoration within the prescribed timeframe.