Submission of Post- Offer Public Announcement ("Post- Offer PA") given by the Acquirer along with the Person Acting in Concert
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Sayaji Hotels (Indore) has submitted the Post-Offer Public Announcement for an open offer by Century 21 Officespace Pvt Ltd along with three PACs (Century 21 Town Planners, M.P. Entertainment & Developers, Print Solutions) to acquire up to 7,92,118 equity shares (26% stake) at Rs. 1,250 per share under SEBI (SAST) Regulations. The offer ran from July 25 to August 7, 2025, with payment of consideration completed on August 21, 2025. Out of the proposed 7,92,118 shares, only 3,78,251 shares were actually tendered and accepted, for a total payout of Rs. 47.28 crore (vs. the proposed Rs. 99.01 crore). Post-offer, the Acquirer and PACs together hold 39.29% of the voting share capital. Notably, public shareholding (excluding the Acquirer, PACs, and existing promoters) has dropped to 19.35%, below the mandatory 25% minimum public shareholding (MPS) threshold, and the Acquirer/PACs along with existing promoters have committed to jointly comply with Regulation 7(4) to restore MPS.
The open offer process is now formally closed, with the Century 21 group emerging as a significant controlling shareholder (~39%) of Sayaji Hotels. Shareholders who tendered received Rs. 1,250 per share. However, the post-offer public float falling below 25% MPS is a regulatory concern that may trigger corrective action (buyback or promoter dilution) by the new controlling group in the near term.