Mark Corporation Advisors Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Letter of Offer to the Public shareholders of Photon Capital Advisors Ltd ("Target Company").
Awaiting price reaction for this filing.
Mark Corporate Advisors, the manager to the open offer, has submitted the Letter of Offer to BSE for the mandatory open offer to public shareholders of Photon Capital Advisors Ltd. The acquirer Mr. Sreeram Reddy Vanga is offering ₹115.00 per equity share to buy up to 7,11,000 shares (26.13% of the emerging voting capital), aggregating to about ₹8.18 crore. This open offer follows a Share Purchase Agreement signed on January 20, 2026 to buy 9,97,000 shares (36.65% of emerging voting capital) from the existing promoters/promoter group for ₹11.46 crore, along with a preferential allotment of shares and warrants. Upon completion, the existing promoters will cease to be in control and the acquirer will take over the company, though there is no intention to delist the stock. The offer opens on March 25, 2026 and closes on April 10, 2026.
Public shareholders can tender their shares at ₹115 per share between March 25 and April 10, 2026. The change of control and management of the company is imminent, which may bring volatility and a re-rating based on the new promoter/acquirer's plans.