Almondz Financial Services Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer for the attention of the Shareholders of Lake Shore Realty Ltd ("Target Company").
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Almondz Financial Services, the Manager to the Offer, has submitted the Draft Letter of Offer to BSE for an open offer on Lake Shore Realty Ltd. The offer is triggered by a Share Purchase Agreement dated May 30, 2025, under which AL Maha Investment Fund PCC – ONYX Strategy (Mauritius-based FPI) and Indigo Infracon Private Limited together (in a 70:30 ratio) will acquire 19,19,630 shares (54.84% of voting capital) from the existing promoters at ₹57.51 per share, totaling about ₹11.04 crores. As per SEBI takeover rules, this triggers a mandatory open offer for an additional 9,10,182 shares (26% of voting capital) from public shareholders at the same price of ₹57.51 per share, aggregating to about ₹5.23 crores. The acquisition will result in a change of control and management, and the acquirers intend to continue the existing line of business. The tentative tendering period is July 22, 2025 to August 4, 2025.
This is a change-of-control deal: public shareholders get an exit opportunity at ₹57.51 per share in cash. The stock is a small-cap, low-float company, so the open offer price could act as a price floor or trigger a re-rating. Shareholders should evaluate whether to tender shares or hold, depending on the market price versus the offer price and the acquirers' future plans.