Navigant Corporate Advisors Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Post-Open Offer Report under Regulation 27(7) of SEBI (Substantial Acquisition of Shares and ....
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Sita Enterprises Ltd (BSE Code: 512589) has announced the successful completion of its Open Offer by acquirer Mr. Jitendra Rasiklal Sanghavi. The offer was for up to 7,50,000 equity shares (25% of share capital) at Rs. 92.50 per share, totaling Rs. 693.75 Lakhs. Only 52,933 shares (7.06%) were tendered by public shareholders, all of which were accepted. Post-offer, the acquirer holds 21,52,933 shares (71.76%), comprising 21,00,000 shares acquired through a Share Purchase Agreement dated December 24, 2024 and 52,933 from the open offer. The erstwhile promoters' holding dropped from 75% to just 5%, confirming a complete change of control. The stock price rose sharply from Rs. 87 in December 2024 to Rs. 194.30 by mid-August 2025, more than doubling during the offer process.
This marks a decisive change of control at Sita Enterprises, with Mr. Jitendra Rasiklal Sanghavi now the controlling shareholder at 71.76%. Public shareholders who tendered received Rs. 92.50 per share plus 10% annual interest for delayed payment. The sharp rise in market price (Rs. 87 to Rs. 194+) suggests strong market confidence in the new management, though retail investors still holding shares will see the stock continue to trade based on the new controlling shareholder's plans.