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 PFL Infotech Ltd ("Target Company").
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Swaraj Shares and Securities Pvt Ltd, the Manager to the Offer, has submitted the Letter of Offer to BSE on behalf of acquirer Mr. Parma Nand Chand for a mandatory open offer in PFL Infotech Ltd under SEBI (SAST) Regulation 4. The trigger is a Share Purchase Agreement dated December 2, 2024, under which Mr. Chand will buy 4,85,730 shares (6.50% of voting capital) from existing promoters Mr. Pulla Amresh Kumar and Mr. Pulla Srikanth at ₹2.00 per share, aggregating to ₹9.71 lakh. Following this, he is making an open offer to public shareholders for up to 19,44,306 shares (26% of voting capital) at the same price of ₹2.00 per share, with a maximum total payout of ₹38.88 lakh. The open offer window runs from Friday, July 18, 2025 to Thursday, July 31, 2025. Post-completion, the acquirer will take control and become the new promoter, while the existing selling promoters will apply for declassification from the promoter group.
This is a change-of-control transaction at a very low offer price of ₹2.00 per share (well below the ₹10 face value), signalling limited premium being offered to public shareholders. Shareholders can choose to tender during the July 18–31, 2025 window or hold on; note that completion will trigger minimum public shareholding compliance rules, and the new promoter will need to bring non-public shareholding to 75% within 12 months if public holding falls below 25%.