Intimation on Detailed Public Statement in relation to Open Offer to the public shareholders of the Company
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Lake Shore Realty Ltd (formerly Mahaan Foods Ltd) has informed BSE about a Detailed Public Statement for an Open Offer under SEBI Takeover Regulations. AL Maha Investment Fund PCC (Mauritius-based FPI) and Indigo Infracon Private Limited are jointly acquiring 19,19,630 shares (54.84% stake) from existing promoters (Goyal family) via a Share Purchase Agreement signed May 30, 2025 at ₹57.51 per share, totalling about ₹11.04 crore. This triggers a mandatory Open Offer for an additional 9,10,182 shares (26% of equity) from public shareholders at the same price of ₹57.51, with total Open Offer consideration of about ₹5.23 crore. The Offer Price of ₹57.51 is notably higher than the 60-day volume-weighted average market price of ₹44.11. The acquisition ratio between the two acquirers is 70:30. The acquirers intend to retain the company's listing on BSE and continue its current line of business (recently pivoted from food to real estate).
Public shareholders have an opportunity to exit at ₹57.51 per share, which is a meaningful premium (~30%) over the recent traded price of ₹44.11. The transaction involves a complete change of control with the existing Goyal family promoters exiting. Shareholders who choose not to tender will remain invested in a company under new management that has recently shifted its business focus to real estate.