Navigant Corporate Advisors Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Offer Opening Public Announcement to the Shareholders of Adarsh Mercantile Ltd ("Target Company"),
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Navigant Corporate Advisors, the manager to the open offer, has submitted the Pre-Offer Advertisement to BSE on June 6, 2025, for an open offer to acquire up to 42,95,200 equity shares (26% of the equity capital) of SMT Engineering Ltd (formerly Adarsh Mercantile Ltd, BSE Code: 538563) at Rs. 42 per share in cash. The acquirers are six members of the Jaiswal family — Ajay, Vishal, Ashok, Poonam, Niharika, and Shikha Jaiswal. The Letter of Offer was dispatched to shareholders on June 2, 2025, and the open offer will now run from June 9, 2025 to June 20, 2025 (revised dates). The Independent Directors Committee found the offer price justified, no competitive bid has emerged, and the target company has recently been renamed from Adarsh Mercantile Ltd to SMT Engineering Ltd with a revised CIN, suggesting a shift in business focus.
Existing public shareholders of SMT Engineering can tender their shares at Rs. 42 each between June 9 and June 20, 2025. The change of name from Adarsh Mercantile to SMT Engineering and the revised object clause indicate the company is repositioning itself, which shareholders should factor into their decision whether to exit or stay invested.