Saffron Capital Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Offer Opening Public Announcement under Regulation 18(7) of the SEBI (SAST) Regulations, 2011, as ....
Awaiting price reaction for this filing.
Wallet Circle Technologies Limited has launched an open offer to buy up to 12,72,133 equity shares (25.89% of voting capital) of Alchemist Corporation Limited from public shareholders at ₹16 per share in cash, under SEBI Takeover Regulations. The offer is mandatory because the acquirer already holds 36,42,200 shares (74.11%) of the target company. After the offer, assuming full acceptance, Wallet Circle Technologies' holding would rise to 49,14,333 shares (100% of paid-up capital). Saffron Capital Advisors is managing the offer. The detailed Letter of Offer with the Form of Acceptance will be sent to shareholders separately.
Public shareholders can tender their shares at ₹16 each during the offer period. This is essentially a delisting-style squeeze-out offer as the acquirer already owns 74.11%, meaning post-offer it will own the entire company and the stock could face reduced liquidity on exchanges.