Citigroup Global Markets India Pvt. Ltd. (Manager to the Offer) has submitted to the Exchange a copy of Disclosure in relation to number of Equity Shares tendered in connection with the Open Offer on April 30,2025

Listed-company acquisitionOpen offer triggeredStrategic Transactions View source PDF Explain this filing

SANOFICONR · price

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Nifty Microcap 250market · index membership as recorded later (tracked since Jun 2026)-0.1%+0.1% vs market

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On the reaction day the stock moved 0.1 pts more than Nifty Microcap 250 and 0.1 pts more than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

Citigroup Global Markets, the manager to the open offer, has disclosed the number of shares tendered by public shareholders in Sanofi Consumer Healthcare India's open offer. The offer is for up to 59,87,962 equity shares (26% of voting share capital) by Opal Bidco SAS, acting with Clayton, Dubilier & Rice Fund XII, L.P. As of April 30, 2025, only 16,939 shares have been tendered, which is just 0.28% of the total offer size. Of these, only 187 shares were tendered on April 30 itself. The tendered shares will be validated and accepted under SEBI takeover rules. The very low tender response suggests that public shareholders are largely unwilling to sell at the offer price.

Likely market impact

The extremely low tendering (0.28% so far) signals weak shareholder acceptance of the offer price, implying most public investors expect better value by holding on. This typically pressures the acquirer to either revise the offer price upward or risk an undersubscribed open offer, and may limit the acquirer's ability to reach the desired 26% stake quickly.