Saffron Capital Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer ("LOF") to the public shareholders of Alchemist Corporation Ltd ("Target Company").
Awaiting price reaction for this filing.
Wallet Circle Technologies Limited has launched a mandatory open offer to buy up to 12,72,133 equity shares (25.89% of voting capital) of Alchemist Corporation Ltd from public shareholders at ₹16 per share, totaling up to ₹2.03 crore. This follows a Share Purchase Agreement dated April 04, 2025, under which Wallet Circle acquired 36,42,200 shares (74.11%) from the erstwhile promoter Rajendra Seclease Limited at ₹6 per share, completing a change of control on June 06, 2025. The open offer is being made under SEBI Takeover Regulations due to the substantial acquisition triggering mandatory open offer requirements. The tendering period runs from September 11, 2025 to September 24, 2025, with Saffron Capital Advisors acting as the manager to the offer.
Public shareholders can tender their shares at ₹16 per share during the tendering period, which is significantly above the ₹6 per share paid in the underlying SPA deal. The acquisition represents a complete change of control of the listed company, and shareholders should evaluate whether to participate based on the offer price versus prevailing market price.