Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. ("Manager to the offer") has submitted to BSE a copy of Letter of Offer to the public shareholders of Hari Govind International Ltd ("Target ....
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Marwadi Chandarana Intermediaries Brokers Pvt Ltd, acting as Manager to the Offer, has submitted the Letter of Offer to BSE on behalf of acquirers Mr. Shaju Thomas and Mrs. Linta Purayidathil Jose, the promoters behind the 'Popees' kidswear and baby products brand. The Open Offer is for up to 22,16,500 equity shares (26% of the expanded share capital) of Hari Govind International Ltd (HGIL) at Rs. 10 per share, aggregating to a maximum consideration of Rs. 2.21 crore. The offer is triggered by two underlying transactions: an SPA dated May 14, 2025 to acquire 30 lakh shares (60% of existing capital) from existing promoters Jugalkishore Maniyar HUF and Sunita Maniyar for Rs. 3 crore, plus a preferential allotment of 15 lakh shares to the acquirers for Rs. 1.5 crore. HGIL has had no active operations and has incurred losses for over a decade; the acquirers plan to revive it as a listed platform to consolidate the Popees business. The tendering period runs from October 16, 2025 to October 31, 2025.
Public shareholders of HGIL get an opportunity to exit at Rs. 10 per share (equal to face value). The offer price appears modest, so shareholders should carefully review the recommendation of the Independent Directors committee before tendering. This signals a change of control at HGIL, with the Popees promoters taking it over as a shell to list their operating baby products business.