Update on open offer
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Awaiting price reaction for this filing.
SBEC Sugar Limited has announced the completion of an open offer made by SBEC Systems (India) Limited (Acquirer) along with 6 persons acting in concert (PACs), including promoters Jayesh Modi, Kumkum Modi, and Umesh Kumar Modi. The open offer was for up to 1,23,90,009 equity shares (26% of voting capital) at ₹21.19 per share, with total consideration of approximately ₹26.25 crore. The offer ran from October 28 to November 12, 2025, and all tendered shares (1,23,90,009) were accepted. Payment was made on November 26, 2025. Post-offer, the Acquirer and PACs' shareholding has increased from 65.12% to 91.12% of voting capital. The open offer was made pursuant to a Supreme Court Order dated March 4, 2025, and no separate Share Purchase Agreement was executed.
The promoter group's stake has risen sharply to over 91%, concentrating ownership significantly and likely reducing free-float and trading liquidity in the stock. Remaining public shareholders now hold a much smaller minority stake, raising potential concerns about future corporate decisions and possible delisting.