The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Jitendra Rasiklal Sanghvi
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Awaiting price reaction for this filing.
Acquirer Jitendra Rasiklal Sanghvi, who is not part of the promoter group, has bought 21,00,000 equity shares of listed Sita Enterprises Ltd (BSE: 512589) through an off-market Share Purchase Agreement dated 24 December 2024, with the transaction consummated on 2 September 2025. Post-acquisition, the acquirer holds 70% of the company's total share/voting capital (up from below the disclosure threshold previously). The filing notes that a Public Announcement for an open offer in the company was already issued on 24 December 2024. Sita Enterprises is a tiny micro-cap with total equity capital of just Rs. 3 crore (30 lakh shares of Rs. 10 each), so this is effectively a change of control / takeover transaction.
This is an effective change of control at a listed micro-cap company, and a mandatory open offer to remaining public shareholders will follow (already announced in Dec 2024). For existing retail shareholders, the open offer price is the key number to watch; the stock may see elevated activity and re-rating during the offer window.