Almondz Financial Services Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer for the attention of the Public Shareholders of Lake Shore Realty Ltd ("Target Company").
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Almondz Financial Services, the manager to the offer, has submitted the Letter of Offer to BSE for an open offer to acquire up to 9,10,182 equity shares (26% of equity capital) of Lake Shore Realty Ltd at ₹57.51 per share, aggregating to a maximum consideration of about ₹5.23 crore. The offer is triggered under SEBI Takeover Regulations 3(1) and 4 because the acquirers — AL Maha Investment Fund PCC-ONYX Strategy (Mauritius-based FPI) and Indigo Infracon Private Limited — are buying 54.84% (19,19,630 shares) from the existing promoter group (Goyal family) for about ₹11.04 crore via a Share Purchase Agreement dated May 30, 2025, resulting in a change of control. The offer opens on October 13, 2025 and closes on October 28, 2025. The target company had no revenue for the last 10 years and recently shifted its main objects from dairy/food to real estate; its shares moved from ESM Stage 2 to ESM Stage 1 on August 4, 2025.
Public shareholders can tender their shares at ₹57.51 per share between October 13 and October 28, 2025. The acquirers have already deposited the full offer consideration in escrow and the open offer will not be withdrawn, providing certainty of exit. The deal also represents a complete change of control to new acquirers, including a Mauritius-based FPI, with potential implications for future direction of the company.