Swaraj Shares and Securities Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Corrigendum to the Post-Offer Public Announcement made to the Public Shareholders of Mardia ....
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Awaiting price reaction for this filing.
Mardia Samyoung Capillary Tubes Company Ltd has published a corrigendum to its post-offer public announcement following an open offer made by Torextron Ventures Private Limited (Acquirer). The open offer was for up to 18,09,967 shares (26% of voting capital) at ₹5.00 per share, triggered by a Share Purchase Agreement dated December 17, 2024, under which the Acquirer agreed to buy 48,31,595 shares (69.41%) from the existing promoter group for ₹2.41 crore. The corrigendum reveals a very poor response to the open offer — only 684 shares were actually tendered by public shareholders against the proposed 18,09,967, with just ₹3,420 in consideration actually paid out. Post-offer, the Acquirer holds 48,32,279 shares (69.42% of fully diluted equity), meaning the control change has gone through but the public portion saw almost no participation.
The acquisition of Mardia Samyoung by Torextron Ventures is essentially complete, with the acquirer controlling ~69.4% of the company. The dismal public response to the open offer (684 of 18.09 lakh shares) suggests little investor interest or confidence at the ₹5.00 price. Existing public shareholders now hold a company firmly under new control with limited free float, which may affect liquidity and future price discovery.