Saffron Capital Advisors Pvt Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Draft Letter of Offer ("DLOF") to the public shareholders of Alchemist Corporation Ltd ("Target Company").
Awaiting price reaction for this filing.
Wallet Circle Technologies Limited (Acquirer) has triggered a mandatory Open Offer to acquire up to 12,72,133 equity shares (25.89% of voting capital) of Alchemist Corporation Ltd from public shareholders at ₹16 per share, aggregating up to ₹2.04 crore. The offer follows a Share Purchase Agreement (SPA) dated April 04, 2025, under which the Acquirer will buy 36,42,200 shares (74.11%) from existing promoter Rajendra Seclease Limited at ₹6 per share, totalling about ₹2.19 crore. This is a substantial acquisition with change in control under SEBI (SAST) Regulations 3(1) and 4. The Tendering Period is scheduled from June 03, 2025 to June 16, 2025. On closing, the existing directors will resign and the Acquirer's nominee directors will be appointed to the board.
This announcement signals a complete change in control of Alchemist Corporation, with promoter Rajendra Seclease Limited exiting by selling its entire 74.11% stake to Wallet Circle Technologies. Existing public shareholders have a clear exit opportunity at ₹16 per share between June 3-16, 2025. Post-offer, the company's direction and management will be entirely under the new acquirer, which may bring uncertainty about future business strategy.