Rarever Financial Advisors 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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Acquirers Mr. Akhil Mittal and Ms. Pratika Sharma have issued a pre-offer advertisement and corrigendum for an open offer to acquire 2,11,02,120 equity shares (26% of voting share capital) of Ramchandra Leasing & Finance Ltd at ₹2.36 per share (₹2.26 offer price + ₹0.10 interest), aggregating to about ₹4.98 crore. The offer was delayed by 165 days due to time taken in receiving RBI approval for change in management and shareholding, for which SEBI has directed the acquirers to pay 10% per annum interest. RBI approvals were received in July 2025 (for share acquisition) and August 2025 (for change in management). The Independent Directors Committee has opined that the offer price is fair and reasonable. The revised tendering period runs from September 4, 2025 to September 18, 2025, with payment scheduled for October 3, 2025.
This is a mandatory open offer triggered by a change in management control of the NBFC, giving public shareholders a chance to exit at ₹2.36/share. The small offer size (₹4.98 crore) and low offer price relative to limited trading volumes mean liquidity is the main benefit for shareholders; the company's financials show declining revenue (₹37.63L in FY25 vs ₹47.23L in FY23) and thin profits, so this is more of a control change event than a value-accretive offer.