Mark Corporation Advisors Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public shareholders of Photon Capital Advisors Ltd ("Target Company").
Awaiting price reaction for this filing.
Mark Corporation Advisors Pvt Ltd, the Manager to the Offer, has submitted the Draft Letter of Offer to BSE for an Open Offer to public shareholders of Photon Capital Advisors Ltd. The Acquirer, Mr. Sreeram Reddy Vanga, is making a mandatory open offer under SEBI (SAST) Regulations 2011 (Regulations 3(1) and 4) to acquire up to 7,11,000 equity shares (26.13% of Emerging Voting Capital) at ₹115 per share, totaling about ₹8.18 crore in cash. This follows a Share Purchase Agreement signed on January 20, 2026, with the existing promoters/promoter group to buy 9,97,000 shares (36.65% of Emerging Voting Capital) for ₹11.47 crore, resulting in a change of control. The offer opens on March 17, 2026 and closes on April 2, 2026. A preferential issue of 31,97,000 securities at ₹115 each has also been approved by the Board.
This signals a change of control at Photon Capital Advisors, with the existing promoter group exiting control and the Acquirer taking over. Shareholders can tender their shares at ₹115 per share during the offer window; post-offer, the Acquirer will be classified as promoter and the existing promoters will be reclassified as public shareholders. No delisting is intended.