Saffron Capital Advisors Pvt. Ltd. ("Manager to the Open Offer") has submitted to BSE a copy of Detailed Public Statement in terms of Regulations 3(1) and 4 read with Regulations 13(4), ....
Awaiting price reaction for this filing.
Wallet Circle Technologies Limited (Acquirer) has announced a mandatory Open Offer to acquire up to 12,72,133 equity shares (25.89% of voting capital) of Alchemist Corporation Limited from public shareholders at ₹16 per share, aggregating up to ₹2.03 crore. This follows a Share Purchase Agreement dated April 04, 2025, under which the Acquirer will buy 36,42,200 shares (74.11%) from the existing promoter, Rajendra Seclease Limited, at ₹6 per share, totaling around ₹2.19 crore. The transaction will result in a change of control, with Wallet Circle Technologies becoming the new promoter and Rajendra Seclease being reclassified as public shareholders. The Detailed Public Statement was published on April 15, 2025 in Financial Express, Jansatta, and Pratahkal. Wallet Circle Technologies is a digital advertisement solutions company, while the target is engaged in business consultancy, R&D, and jewelry/gems trading. Post-offer, the Acquirer would hold 100% and is required to bring non-public shareholding down to 75% within 12 months.
Public shareholders of Alchemist Corporation can tender their shares at ₹16 each during the Tendering Period, which is a significant premium over the ₹6 negotiated SPA price with the promoter. However, the stock is infrequently traded on BSE (annualized turnover of just 1.68%), is under Graded Surveillance Measures (GSM) Stage 2 in Group XT, and has had multiple past trading suspensions due to non-payment of listing fees, indicating serious liquidity and compliance concerns.