Sobhagya Capital Options Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Detailed Public Statement in accordance with the provisions of Regulations 13(4), 14(3), and 15(2) ....
Awaiting price reaction for this filing.
Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi (together the 'Acquirers') have triggered a mandatory Open Offer to buy up to 23,55,600 equity shares (26% of voting capital) of SRM Energy Limited from public shareholders at ₹4.00 per share. This follows a Share Purchase Agreement signed on September 25, 2025, under which the Acquirers are buying 64,50,000 shares (71.19% of the company) from existing promoter Spice Energy Private Limited at ₹3.88 per share, aggregating to ₹2.50 crore. The total Open Offer consideration is ₹94.22 lakh assuming full acceptance, and the Acquirers will become the new promoters with up to 97.19% holding post-offer. The target company has zero revenue, a negative net worth of about ₹5.50 crore, and continuous losses, with shares infrequently traded on BSE. Tendering Period is expected from November 21, 2025 to December 4, 2025.
This is a change-of-control transaction. Public shareholders can tender their shares at ₹4.00 during the Tendering Period or hold on if they believe in future value under new management. Note that the offer is conditional upon removal of a BSE freeze on the promoter's shares, which is under Supreme Court appeal, introducing some execution risk. Given the company's distressed financials and low trading volumes, the Open Offer may represent the most practical exit opportunity for many retail holders.