Systematix Corporate Services Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the equity shareholders of Sayaji Hotels (Indore) Ltd ("Target Company").
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Century 21 Officespace Private Limited (Acquirer), along with three persons acting in concert — Century 21 Town Planners, M.P. Entertainment & Developers, and Print Solutions — has filed a Draft Letter of Offer for an open offer to buy up to 7,92,118 equity shares (26% of voting capital) of Sayaji Hotels (Indore) Ltd at Rs. 1,250 per share in cash. The mandatory offer was triggered on March 28, 2025 when PAC 3 (Print Solutions) acquired 82,755 shares (2.72%) via open market for Rs. 8.71 crore, pushing the combined Acquirer-PAC holding to 26.87% — crossing the 25% threshold under SEBI Takeover Regulations. The total open offer size is roughly Rs. 99 crore. The tendering period will run from May 28, 2025 to June 10, 2025. Upon completion, the Acquirer will gain management control and become the new promoter of Sayaji Hotels, with plans to reconstitute the board.
Public shareholders of Sayaji Hotels get a cash exit opportunity at Rs. 1,250 per share. The open offer signals a change of control to the Century 21 group, which may lead to board reconstitution and potential strategic changes at the company.