Saffron Capital Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer ("DLOF") to the public shareholders of Iykot Hitech Toolroom Ltd ("Target Company").
Awaiting price reaction for this filing.
Saffron Capital Advisors, the manager to the offer, has submitted the Draft Letter of Offer to BSE for an open offer by Aspect Global Ventures Private Limited to acquire up to 26,98,298 fully paid-up equity shares (26% of voting share capital) of Iykot Hitech Toolroom Ltd at ₹8.50 per share, aggregating up to ₹2.29 crore. The offer is a mandatory open offer triggered under SEBI (SAST) Regulations 2011 following a Share Purchase Agreement dated February 24, 2026, under which the acquirer will purchase 35,89,080 shares (34.58%) at ₹8 per share from promoters Anjanna Dugar, Likhitta Dugar, Padam Dugar, and Antariksh Dugar, resulting in a change of control. The offer opens on April 24, 2026 and closes on May 08, 2026. Notably, the board has approved forfeiture of 99,01,931 partly paid-up shares, which adjusts the voting share capital to 1,03,78,069 shares.
Shareholders will have a 15-day window to tender shares at ₹8.50 each, with acceptance on a proportionate basis if oversubscribed. The open offer price is only marginally above the SPA price of ₹8, and the small market-cap nature of the target (total offer size ~₹2.29 crore) means limited price-discovery impact, though it signals a change in control of this small-cap BSE-listed entity.