Choice Capital Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Detailed Public Statement in terms of Regulations 3(1) and 4 read with Regulations 13(4), 14(3), ....
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Mr. Aditya Himmat Bhansali, a Mumbai-based lawyer and founding partner of Mindspright Legal, is acquiring a 72.70% stake (21,81,200 shares) in BSE-listed P H Capital Ltd from all existing promoters at ₹206.66 per share, aggregating to roughly ₹45.08 crore, via a Share Purchase Agreement signed on December 20, 2025. This triggers a mandatory open offer for an additional 26% (up to 7,80,026 shares) from public shareholders at the same price of ₹206.66, with maximum open offer consideration of about ₹16.12 crore, payable in cash. P H Capital is a small stock-broking firm listed only on BSE (Scrip 500143) with paid-up equity capital of about ₹3 crore and FY25 total income of ₹185.5 crore and PAT of ₹7.85 crore. The acquirer, with a certified net worth of around ₹69.34 crore, has no prior holding in the company and will become the new promoter, with the existing promoter group exiting completely. Post-offer, the acquirer's holding would rise to about 98.70%, raising minimum public shareholding compliance issues that will need to be addressed.
Public shareholders of P H Capital get a clear cash exit opportunity at ₹206.66 per share, which is about 11% above the 60-day volume-weighted average market price of ₹186.30. The stock may see sharp price movement towards the offer price as the tendering window approaches, though liquidity is thin given the small free float and the fact that nearly all promoter shares are exiting.