Marwadi Chandarana Intermediaries Brokers Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement under Regulations 3(1) and 4 read with Regulations 13(1), ....
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An Open Offer has been announced for Hari Govind International Limited (BSE Scrip: 531971) after Mr. Shaju Thomas and Mrs. Linta Purayidathil Jose (associated with the Popees group) signed a Share Purchase Agreement on May 14, 2025 to buy 30 lakh equity shares (60% of existing capital) from current promoters at ₹10 per share, totalling ₹3 crore. The acquirers are also getting 15 lakh shares via preferential allotment, bringing their post-transaction holding to 51.28% of the expanded share capital. The mandatory Open Offer is for up to 22,81,500 shares (26% of expanded capital) at ₹10 per share, with total payout of around ₹2.28 crore assuming full acceptance. Post-deal, the existing promoter group (Jugalkishore Maniyar HUF and Sunita Maniyar) will be reclassified as public shareholders, dropping from 75% to 8.55% holding. There is no intention to delist the company.
Public shareholders of Hari Govind International can tender their shares at ₹10 per share during the offer window (Detailed Public Statement expected by May 21, 2025). The stock is classified as infrequently traded, so the ₹10 price is the SEBI-determined floor rather than a market premium. Control of the company will shift to the Popees group, but no delisting is planned.