Saffron Capital Advisors Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Letter of Offer ("LOF") for the attention of the Public Shareholders of Pharmaids Pharmaceuticals ....
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Pharmaids Pharmaceuticals Ltd has been informed of an Open Offer submitted to BSE by Saffron Capital Advisors, the Manager to the Offer. The offer is from acquirer Shankarappa Nagaraja Vinaya Babu along with person acting in concert (PAC) Tumkur Trade Center Private Limited. The offer is for up to 91,69,632 equity shares (26% of voting capital) at ₹62.15 per share, aggregating up to ₹56.99 crores. This is a mandatory open offer triggered under SEBI Takeover Regulations following a Share Purchase Agreement dated December 27, 2024, where the acquirer agreed to buy 3,27,085 shares (0.93%) from two existing public shareholders at ₹35 per share. The tendering period runs from August 4, 2025 to August 18, 2025. Post-offer, the acquirer will hold 46.83% and PAC 4.45%, with public shareholding remaining at 48.68%.
Public shareholders can tender their shares at ₹62.15 during the offer window (Aug 4–18, 2025). The open offer signals a change of control, and shareholders should evaluate whether to tender at the offer price or hold, depending on their view of the acquirer's plans and the stock's market price.