3Dimension Capital Services Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Draft Letter of Offer for the attention of the eligible shareholders of SBEC Sugar Ltd ("Target Company").
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SBEC Systems (India) Limited, along with six persons acting in concert (PACs), has filed a Draft Letter of Offer with BSE for an open offer to buy up to 1,23,90,009 equity shares (26% of voting capital) of SBEC Sugar Ltd at ₹21 per share, aggregating to about ₹26.02 crore in cash. The offer is a mandatory open offer under SEBI's takeover rules, triggered by the conversion of loans into equity shares by two of the PACs back in August–September 2014, pursuant to a Supreme Court order dated March 4, 2025. The offer price of ₹21 includes a 10% annual interest component for the delay in making the open offer since 2014. The tendering period is tentatively from July 23, 2025 to August 5, 2025, with consideration to be paid by August 20, 2025. The acquirer group includes promoter-linked entities and individuals (Modi family).
Eligible shareholders of SBEC Sugar who held shares as on September 16, 2014 can tender their shares at ₹21 each (inclusive of 10% p.a. interest for delay). The offer may push public shareholding below the mandatory 25% threshold, which the acquirers will need to address, but existing shareholders get a clear cash exit opportunity at a price that includes years of delay-related interest.