3Dimension Capital Services Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement ("PA") in accordance with the provisions of Regulation 3(2), 3(3), and 4 ....
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SBEC Systems (India) Ltd along with 6 persons acting in concert (PACs) from the Umesh Modi Group has announced an open offer to acquire up to 1,23,90,009 equity shares (26% of voting capital) of SBEC Sugar Ltd at ₹21 per share, totalling about ₹26.02 crore in cash. The offer price includes ₹10.93 per share as 10% annual interest for delay. This is a mandatory open offer triggered by a 2014 breach of takeover regulations, when PACs converted loans into equity, pushing promoter group holding from 54.46% to 63.86% and crossing the 5% threshold. The Supreme Court, in its March 4, 2025 order, directed the promoters to make this offer following a long-running legal battle with SEBI. The acquirers have no intention to delist the company.
Eligible shareholders (those holding shares on the date of the 2014 violation) can tender shares at ₹21 each plus interest component. The offer is not subject to any minimum acceptance level, so it will proceed regardless of response. For the stock, this brings certainty after years of litigation and may improve liquidity for an otherwise infrequently traded scrip.