Swaraj Shares and Securities Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of Nanavati Ventures Ltd ("Target Company").
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Swaraj Shares and Securities Pvt Ltd, acting as Manager to the Offer, has submitted the Letter of Offer to BSE for a mandatory open offer to the public shareholders of Nanavati Ventures Ltd. The offer is triggered under SEBI (SAST) Regulations 3(1) and 4, following a Share Purchase Agreement dated December 30, 2024, where Mrs. Nila Biswakarma and Mr. Samad Ahmed Khan (the Acquirers) agreed to buy 24,14,100 shares (51.69% of voting capital) from promoter Mrs. Kashmira Hemantkumar Nanavati at ₹51 per share, totaling about ₹12.31 crore. The open offer is for up to 12,14,200 shares (26% of voting capital) at ₹90 per share, with a maximum payout of about ₹10.93 crore to public shareholders who tender. The Tendering Period runs from July 1, 2025 to July 14, 2025.
This signals a change of control at Nanavati Ventures, with new promoters taking over a majority 51.69% stake. Public shareholders can exit at a fixed price of ₹90 per share during the tendering window. The market price may react based on how the ₹90 offer price compares to prevailing trading levels.