Mark Corporate Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Post Offer Advertisement under Regulation 18 (12) of Securities and Exchange Board of India (Substantial ....
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Awaiting price reaction for this filing.
The open offer to public shareholders of Source Industries (India) Limited by four acquirers — Mr. Sudhir Reddy Posireddy, Mr. Naraharisetty Mohan Krishna, Mrs. Swathi Ramreddy, and Arka Defence Private Limited — at ₹4.50 per equity share has concluded. The offer opened on April 15, 2025 and closed on April 29, 2025, with payment completed on May 13, 2025. Out of the proposed 34,00,000 shares (29.82%), 29,38,312 shares (25.77%) were actually tendered and accepted, taking the total consideration to about ₹1.32 crore against the planned ₹1.53 crore. Post-offer, the acquirers' combined holding stands at 63.21% of voting share capital, while public shareholding has reduced from 62.56% to 36.79%.
The acquirer group has gained controlling majority (63.21%) in Source Industries, marking a change in control. Retail shareholders who did not tender continue to hold stakes but are now a minority, which may affect liquidity and governance dynamics going forward.