COMPANY''S UPDATE REGARDING TAKE NOTE OF EXECUTION OF SPA, OPEN OFFER AND RELATED MATTERS
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
NDA Securities has informed the exchanges that the Open Offer by Ram Gopal Jindal and Gaurav Jindal (acting together as Persons Acting in Concert) has been completed, along with the change in control of the company. A Share Purchase Agreement (SPA) was signed on February 1, 2024, under which the new promoters acquired 28,88,720 equity shares (48.56% of paid-up capital) from the existing promoters at ₹28 per share, for a total cash consideration of about ₹8.08 crore. This triggered a mandatory Open Offer under SEBI's takeover regulations, which has now been completed. As a result, the acquirers will be reclassified from 'Public' to 'Promoter and Promoter Group', while the existing promoters (Agarwal family and related entities) will move from 'Promoter' to 'Public' category.
This is a change-of-control event. Existing public shareholders may see shifts in promoter shareholding and governance, while the stock price could react to the new management and any future strategic direction the new promoters bring. The acquirers paid ₹28 per share, which gives a reference floor for the deal value.