Mark Corporate Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Offer Opening Public Announcement under Regulations 18(7) of Securities and Exchange Board of India ....
Awaiting price reaction for this filing.
Mark Corporate Advisors, acting as Manager to the Offer on behalf of acquirer Sreeram Reddy Vanga, has announced the opening of an Open Offer to public shareholders of Photon Capital Advisors Ltd. The acquirer is offering to buy up to 7,11,000 fully paid-up equity shares (face value ₹10) at ₹115 per share, representing 26.13% of the Emerging Voting Capital, payable in cash. The offer price is higher than the fair value of ₹89.12 certified by a registered valuer, and the Independent Directors Committee has recommended the offer as fair and reasonable. The tendering period runs from March 25, 2026 to April 10, 2026 (revised from earlier dates). Separately, the company has already allotted 12,07,000 equity shares and 19,90,000 convertible warrants to the acquirer and non-promoters via preferential allotment on March 20, 2026.
Public shareholders can tender their shares at ₹115 per share during the March 25 – April 10, 2026 window — a meaningful premium over the ₹89.12 fair value. The combined preferential allotment and open offer signal a significant change in shareholding and possible change of control, which investors should factor in.