Swaraj Shares and Securities Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Pre-Offer Advertisement and Corrigendum to the Detailed Public Statement under Regulation 18(7) ....
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An open offer has been triggered for Premier Capital Services Limited by Mr. Hitesh Kothari, Hitesh Kothari HUF, and Hargo Enterprise Private Limited (collectively the Acquirers). The offer is for up to 96,35,840 shares representing 26% of voting capital at Rs. 5.65 per share, totaling a maximum consideration of about Rs. 5.44 crore. Importantly, the original Share Purchase Agreement with selling promoter Pumarth Infrastructure (for 33.16% stake at the same Rs. 5.65 price) has been terminated by the seller, and the Acquirers are seeking legal opinion. Despite this, the Acquirers remain obligated to complete the open offer as per SEBI takeover rules. The Independent Directors Committee has deemed the offer price fair and reasonable. The tendering period will run from September 4 to September 18, 2025, with payment by October 3, 2025.
Shareholders face an unusual situation: the underlying promoter sale deal has fallen through, yet they still have the option to tender shares at Rs. 5.65 per share. The terminated SPA creates uncertainty about the Acquirers' true intent, but the open offer obligation remains intact. Investors should weigh the tendering opportunity carefully given the low offer price relative to typical small-cap valuations and the unresolved legal situation.