Attached herewith Letter of Offer dated July 23, 2025 received by the Company.
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Pharmaids Pharmaceuticals has received the Letter of Offer dated July 23, 2025 for a mandatory open offer triggered by a Share Purchase Agreement signed on December 27, 2024. The acquirer is Shankarappa Nagaraja Vinaya Babu, acting along with Tumkur Trade Center Private Limited. The offer is to buy up to 91,69,632 equity shares (26% of voting capital) from public shareholders at ₹62.15 per share, totalling about ₹56.99 crore. The underlying SPA was for just 3,27,085 shares (0.93%) at ₹35 per share, which is what triggered the mandatory open offer. The tendering window opens on August 4, 2025 and closes on August 18, 2025. If fully accepted, the acquirer group would end up holding about 51.28% of the company, resulting in a change of control. The acquirer has also already extended a ₹7 crore loan to the company for operations.
Public shareholders can tender their shares at ₹62.15 each during the August 4–18 window. The offer signals an impending change of control, with the acquirer and PAC set to cross the 50% threshold post-offer, which may affect minority shareholders and future strategic decisions.