Post- Open Offer Report filled with the SEBI under Regulation 27(7) of SEBI (SAST) Regulations, 2011
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Century 21 Officespace Private Limited along with three persons acting in concert completed the open offer for Sayaji Hotels (Indore) Limited, acquiring 3,78,251 equity shares at Rs. 1,250 per share, totaling around Rs. 47.28 crore in cash. The offer was for up to 7,92,118 shares (26% of equity capital), and shareholders tendered about 47.75% of the offer size, all of which were fully accepted. After the offer, the combined holding of the acquirer and PACs rose to 39.30% of the company, up from 24.16% before the public announcement. As a result, public shareholding in the company dropped to 19.35%, falling below the mandatory 25% threshold for continued listing. The acquirer group along with certain Chhabra family members will be inducted into the promoter group.
This is a confirmed acquisition outcome — the acquirer group now holds a significant stake and will join the promoter group, giving them meaningful influence over the company. Retail shareholders who tendered shares received Rs. 1,250 per share. The company now falls short of the minimum public shareholding requirement, which may trigger regulatory steps to restore compliance.