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.
Sobhagya Capital Options Pvt Ltd, acting as Manager to the Offer, has filed a Detailed Public Statement with BSE for an open offer to acquire up to 1,65,14,290 equity shares (26% of emerging voting capital) of Filtron Engineers Ltd at Rs. 10 per share, aggregating up to Rs. 16.51 crore. The open offer is triggered by a Share Purchase Agreement dated August 27, 2025, where Mr. Tarak Bipinchandra Gor and Mr. Jayesh Sheshmal Rawal (the Acquirers) agreed to buy 13,68,250 shares (52.29% of existing capital) from existing promoters at Rs. 7 per share, resulting in a change of control. The company is also undertaking a preferential issue of 6.09 crore equity shares, which will massively dilute the share base. The tendering period is scheduled from October 23 to November 6, 2025.
This represents a complete change of control at Filtron Engineers, with new promoters taking over after acquiring 52.29% from existing promoters and subscribing to a large preferential issue that will give the Acquirers 99% post-offer holding (on diluted basis). The open offer price of Rs. 10 is well below the Rs. 8.14 fair value noted in the document but offers an exit route for public shareholders, though shares are currently infrequently traded (zero annualized trading turnover) and the company has deeply negative net worth (Rs. -40.4 crore) and consistent losses.