Saffron Capital Advisors Pvt. Ltd. ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement under Regulations 3(1) and 4 read with Regulations 13, 14 and 15(1) of ....
Awaiting price reaction for this filing.
Wallet Circle Technologies Limited is making 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, for a total potential outlay of about ₹2.04 crore. This open offer is triggered because the acquirer has signed a Share Purchase Agreement on April 4, 2025 to buy 36,42,200 shares (74.11% of the company) from the existing promoter, Rajendra Seclease Limited, at ₹6 per share in a separate deal worth about ₹2.19 crore. Once completed, Wallet Circle Technologies will become the new promoter of Alchemist Corporation and take control, while Rajendra Seclease will exit completely. The acquirer, promoted by Arjit Sachdeva, has no other interest in the company and has confirmed it does not intend to delist the stock. The shares are infrequently traded, and the open offer price has been determined under SEBI takeover regulations.
This is a clear change-of-control event — the company's promoter is being replaced and a new acquirer is taking over. Public shareholders can choose to tender their shares at ₹16 in the open offer, which is significantly above the ₹6 price paid for the promoter stake, reflecting the mandatory takeover premium. The stock may see some activity around the offer window, but liquidity is likely thin given infrequent trading.