Fintellectual Corporate Advisors Pvt. Ltd. ("Manager to the Open Offer") has submitted to BSE a copy of Draft Letter of Offer to the public shareholders of Octaware Technologies Ltd ("Target ....
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Octaware Technologies Ltd (listed on BSE SME platform, Scrip Code: 54N16) is the subject of an Open Offer triggered by Walking Tree Technologies Private Limited (Acquirer). The Acquirer has entered into a Share Purchase Agreement (SPA) on August 12, 2025 to buy 12,48,000 shares (34.76% of voting capital) from promoter seller Mr. Mohammed Aslam Qudratullah Khan at ₹25 per share, aggregating ₹3.12 crore. As a result, an open offer has been triggered under SEBI (SAST) Regulations for an additional 9,34,400 shares (26.02%) at ₹30 per share in cash. The Acquirer already holds 11.14% (4,00,000 shares) bought from the open market on August 5, 2025 at ₹25.46. Post-transaction, the Acquirer will be classified as a joint promoter with joint control over the company.
Public shareholders can tender their shares at ₹30 per share during the tentative tendering period (October 8-23, 2025). The acquirer's stated objective is to revive business performance and grow the IT operations, which could be a positive signal for the stock, though promoter-level change of control also brings inherent risk.