Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer for attention to the Shareholders of Lords Mark India Ltd ("Target Company").
Awaiting price reaction for this filing.
A Letter of Offer has been filed with BSE for an Open Offer to shareholders of Lords Mark India Ltd (BSE: 501261, formerly Kratos Energy & Infrastructure). Acquirer Mr. Sachidanand Hariram Upadhyay has already signed an SPA dated June 3, 2025 to buy 4,90,051 shares (49.01%) from the existing promoter E'l Dorado Guarantee Ltd at Rs. 30/share, and is now making a mandatory open offer for an additional 2,60,000 shares (26%) at Rs. 30 per share. The Open Offer opens on October 13, 2025 and closes on October 28, 2025. The Target Company is currently undergoing a Pre-Packaged Insolvency Resolution Process (PPIRP) at NCLT, with Lords Mark Industries Ltd proposed as the strategic investor / resolution applicant. Mr. Upadhyay has already been appointed as Managing Director along with two Executive Directors on the Target's board. Post-offer, assuming full acceptance, the acquirer will hold about 75% of the company.
Public shareholders can tender shares at Rs. 30 each between Oct 13-28, 2025; the offer is not conditional on minimum acceptance, and there is no competing offer. The change of control is happening alongside an NCLT insolvency resolution, which adds execution risk, but listing is intended to be maintained with a 25% public shareholding floor.