VC Corporate Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Equity Shareholders of Step Two Corporation Ltd ("Target Company").
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Mr. Anuj Agarwal, currently the Managing Director and one of the promoters of Step Two Corporation Ltd (STCL), has triggered a mandatory Open Offer under SEBI Takeover Regulations to acquire up to 14,16,780 equity shares (19.15% of the expanded share capital) from public shareholders at Rs. 16.50 per share in cash, aggregating to about Rs. 2.34 crore. The Open Offer follows a Share Purchase Agreement dated January 3, 2024 to buy 17,83,900 shares (24.12%) from existing promoter Mr. Raj Kumar Agarwal at Rs. 11 per share, plus a preferential allotment of 13,00,000 shares at Rs. 15 per share. The Offer Price was enhanced by Rs. 1.50 from Rs. 15 due to delay in obtaining RBI approval, which has now been received (March 26, 2025). Post the Offer, assuming full acceptance, Mr. Anuj Agarwal will hold 74.99% and become the sole promoter with management control. The tendering period runs from April 16, 2025 to April 30, 2025.
Shareholders can tender their shares to exit at Rs. 16.50 per share during the April 16–30, 2025 window, which may act as a floor price. The Offer also marks a clear change of control at the listed NBFC, with existing promoters being reclassified to non-promoter category.