The Company is in receipt of Detailed Public Statement in relation to open offer to public shareholder of the Company under SEBI SAST Regulations, 2011. Copy of DPS in Newspaper is enclosed ....
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SBEC Sugar Limited has informed BSE about a Detailed Public Statement for an open offer to public shareholders at Rs 21 per equity share. The offer is for up to 1,23,90,009 shares (26% of total share capital), aggregating to a maximum consideration of Rs 26.01 crore. The offer is being made by SBEC Systems (India) Limited (Acquirer) along with six persons acting in concert (PACs), all part of the Umesh Modi Group. The offer price of Rs 21 includes Rs 10.93 of 10% annual interest for delay in making the open offer. The trigger is a Supreme Court order dated March 4, 2025, which directed the acquirer to make a public announcement following an earlier SEBI order. The underlying transaction is the conversion of loan into equity shares by the acquirer and PACs. The shares are classified as infrequently traded on BSE.
Eligible shareholders (those holding shares on the date of violation per the Supreme Court order) can tender shares at Rs 21 each. Existing promoter group entities are consolidating control, and there is no intention to delist the company. Shareholders should review the Letter of Offer for tendering details once published.