Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Post Offer Advertisement to the equity shareholders of Magnus Retail Ltd ("Target Company").
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Awaiting price reaction for this filing.
Navigant Corporate Advisors has submitted the Post Offer Advertisement for the open offer made by Mr. Karronn Naresh Bajaj and Mr. Aditya Naresh Bajaj to acquire up to 8,78,878 equity shares (26%) of Magnus Retail Limited at Rs. 7 per share. The offer ran from 25 March to 8 April 2025, with consideration paid on 16 April 2025. Only 250 shares were actually tendered by public shareholders against 8,78,878 shares offered, making the actual offer size just Rs. 1,750 instead of the proposed Rs. 61.52 lakh. The acquirers had already purchased 16,08,965 shares (47.60%) via a Share Purchase Agreement prior to the offer, ending up with 47.61% post-offer holding while public shareholders retained 52.39%.
The open offer was effectively a flop — only 250 shares were tendered out of 8.78 lakh on offer, indicating very weak shareholder interest, likely because the Rs. 7 offer price was unattractive. Despite this, the acquirers have already secured control of the company (47.61%) through the pre-offer Share Purchase Agreement, effectively completing the takeover of Magnus Retail Limited.