Intimation of Public Announcement issued by Almondz Financial Services Limited (Manager to offer) on behalf of the Acquirers
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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 acquire 19,19,630 equity shares (54.84% of voting capital) from the existing promoter group (the Goyal family) at ₹57.51 per share, totaling about ₹11.04 crores. This has triggered a mandatory open offer under SEBI Takeover Regulations for an additional 9,10,182 shares (26% of equity capital) from public shareholders at the same price of ₹57.51 per share, with maximum consideration of about ₹5.23 crores. Post-offer, the acquirers will collectively hold up to 80.83% of voting capital. The acquirers have committed to maintaining minimum public shareholding and retaining the company's listing on BSE. Almondz Financial Services is the manager to the offer.
Public shareholders can tender their shares at ₹57.51 per share during the tendering period once it opens. The stock may trade around the offer price. Investors should note that Acquirer 2's promoter chain involves a person named as a willful defaulter by the RBI in 2013-14, which is a relevant risk factor.