Sobhagya Capital Options Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public Shareholders of SRM Energy Ltd ("Target Company").
Awaiting price reaction for this filing.
SRM Energy Ltd's existing promoter, Spice Energy Private Limited, has signed a Share Purchase Agreement on September 25, 2025 to sell its entire 71.19% stake (64,50,000 shares) to Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi at Rs. 3.88 per share, aggregating to about Rs. 2.50 crore. Because this triggers a change of control under SEBI Takeover Regulations, the acquirers are making a mandatory open offer to buy up to 23,55,600 additional shares (26% of voting capital) from public shareholders at Rs. 4 per share in cash. The offer opens on November 21, 2025 and closes on December 4, 2025. A key risk factor is that the sale shares are currently under a BSE freeze due to a listing fee dispute, with the matter pending before the Supreme Court, which could delay or derail the deal. Sobhagya Capital Options Pvt Ltd is acting as the Manager to the Offer.
Public shareholders of SRM Energy can tender their shares at the fixed offer price of Rs. 4 during the November 21 to December 4, 2025 window. Post-deal, the new acquirers will hold 71.19% and gain full control of the company, including board and management changes, while the minimum public shareholding norms may need to be restored.