Mark Corporate Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the eligible Equity Shareholders of Source Industries (India) Ltd ("Target Company").
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Mark Corporate Advisors, acting as Manager to the Offer, has submitted the Letter of Offer (dated March 29, 2025) to BSE for an open offer to the public shareholders of Source Industries (India) Ltd. The offer has been triggered by a Share Purchase Agreement signed on January 3, 2025, under which four acquirers — Mr. Sudhir Reddy Posireddy, Mr. Naraharisetty Mohan Krishna, Mrs. Swathi Ramreddy, and Arka Defence Private Limited — are buying 14,86,210 shares (13.03%) from the existing promoters at ₹4.50 per share. This triggers a mandatory open offer under SEBI Takeover Code (Regulations 3(1) and 4) for up to 34,00,000 shares (29.82% of voting capital) at ₹4.50 per share, aggregating to ₹1.53 crore. The acquirers already hold 24.41% of the company, and post-transaction will gain control while the existing promoters will cease to be classified as promoters. The tendering period runs from April 15, 2025 to April 29, 2025.
Existing public shareholders of Source Industries can tender their shares during the April 15–29, 2025 window at ₹4.50 per share in cash. This signals a change of control and potential board restructuring at the company, though the acquirers have stated no major changes are planned to the existing line of business.