Systematix Corporate Services Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of Sayaji Hotels (Indore) Ltd ("Target Company").
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Systematix Corporate Services, the Manager to the Offer, has submitted the Letter of Offer to BSE for a mandatory open offer in Sayaji Hotels (Indore) Ltd. The offer is being made by Century 21 Officespace Private Limited (Acquirer) along with three persons acting in concert (Century 21 Town Planners, M.P. Entertainment & Developers, and Print Solutions). The acquirer is bidding for up to 7,92,118 equity shares, representing 26% of the voting share capital, at Rs. 1,250 per share in cash. The open offer was triggered on March 28, 2025 when PAC 3 acquired 82,755 shares (2.72%) in the open market, pushing the combined holding of the acquirer and PACs to 26.87%, breaching the 25% threshold under SEBI Takeover Regulations. The tendering period will run from July 25, 2025 to August 7, 2025, and the acquisition is aimed at gaining substantial stake and management control of the company.
Public shareholders of Sayaji Hotels (Indore) have a clear opportunity to exit at Rs. 1,250 per share during the tendering window. The offer will lead to a change in control, with the acquirer and PACs becoming the new promoters of the company, which may influence future strategic decisions and corporate governance.