Sobhagya Capital Options Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of SRM Energy Ltd ("Target Company").
Awaiting price reaction for this filing.
SRM Energy Ltd is undergoing a change in control. Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi (the Acquirers) have signed a Share Purchase Agreement dated September 25, 2025 with Spice Energy Private Limited (the existing promoter) to buy 64,50,000 equity shares (71.19% of paid-up capital) at Rs. 3.88 per share, for a total deal value of about Rs. 2.5 crore. Following this trigger, a mandatory open offer has been launched to buy an additional 23,55,600 shares (26% of voting capital) from public shareholders at Rs. 4 per share in cash. The offer opens on February 11, 2026 and closes on February 25, 2026, managed by Sobhagya Capital Options Pvt Ltd. A key risk is that the sale shares are currently under a BSE freeze (due to unpaid listing fees of a promoter-group company), and the matter is under appeal at the Supreme Court, which could delay or derail the deal.
Public shareholders can tender their shares at the open offer price of Rs. 4 per share between Feb 11 and Feb 25, 2026. The deal carries execution risk because the underlying SPA depends on resolving a BSE freeze on the sale shares, and the offer price is only marginally above the SPA price of Rs. 3.88, offering limited premium to public shareholders.