Rarever Financial Advisors Pvt. Ltd. ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Shareholders of Ramchandra Leasing & Finance Ltd ("Target Company").
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Mr. Akhil Mittal and Ms. Pratika Sharma (the Acquirers) have filed a Letter of Offer with BSE to buy up to 2,11,02,120 equity shares (26% of the emerging voting capital) of Ramchandra Leasing & Finance Ltd, an RBI-registered NBFC based in Vadodara. The offer price is ₹2.36 per share (₹2.26 base price plus ₹0.10 interest), taking the total deal value to about ₹4.98 crore if fully subscribed. The open offer was triggered by two underlying deals: a Share Purchase Agreement (Nov 29, 2024) to buy 58.84 lakh shares (11.5%) from existing promoters at ₹1.50/share, and a preferential allotment of 3 crore new shares (36.96%) to the Acquirers at ₹2.26/share for ₹6.78 crore. After both deals plus full open offer acceptance, the Acquirers would hold around 70.21% of the company and take over as new promoters. RBI has already approved both the share acquisition (July 4, 2025) and change in management (August 18, 2025). The tendering window runs from September 4 to September 18, 2025.
This is a change-of-control transaction — the existing promoter group is fully exiting and new acquirers are taking charge of the NBFC. Public shareholders can tender their shares at ₹2.36 during the Sept 4–18 window. Post-deal, public shareholding may dip below the mandatory 25% minimum, which could affect stock liquidity and trigger compliance actions.