Open offer triggered for up to 26% of Charms at Rs 2 per share

Four individuals agreed to buy 10,00,463 shares, 24.37% of current capital, from the promoters at Rs 2 each. With a proposed issue of 20,000,000 shares on preferential terms, this triggers a mandatory open offer for up to 7,437,586 shares, 26% of emerging voting capital, at Rs 2 each. Full acceptance means a payout of Rs 1,48,75,172. They may also receive 91,500,000 warrants, creating major potential dilution. Approvals are pending.