The company is in receipt of draft letter to offer issued in relation of an open offer to the public shareholders.
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SBEC Sugar Ltd has received a Draft Letter of Offer for an open offer by SBEC Systems (India) Limited (Acquirer) along with six persons acting in concert (PACs) including entities and individuals from the Modi family. The offer is for acquisition of up to 1,23,90,009 equity shares (26% of voting share capital) at ₹21 per share, aggregating to a total consideration of approximately ₹26.02 crore, payable in cash. The underlying trigger is the conversion of loan into equity shares by the Acquirer and PACs, pursuant to SEBI (SAST) Regulations. The offer follows a Supreme Court order dated March 4, 2025, which mandates 10% per annum interest for the delay in making the open offer. The tendering period is tentatively set from July 23, 2025 to August 05, 2025, with 3Dimension Capital Services acting as Manager to the Offer.
Public shareholders of SBEC Sugar can tender their shares at ₹21 per share during the tendering period. Post-offer, the Acquirer and PACs will gain significant ownership and management control, and the public shareholding may fall below the 25% minimum public shareholding requirement, which the Acquirer will need to remedy. The offer price includes compensation for delay, reflecting regulatory penalties for late compliance.