Swaraj Shares and Securities Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Post-Offer Public Announcement to the public shareholders of Rishab Special Yarns Ltd ("Target Company").
Awaiting price reaction for this filing.
Swaraj Shares and Securities, acting as Manager to the Offer, has filed a Post-Offer Public Announcement with BSE for the open offer made by Mr. Vatsal Agarwaal, M/s Nextera Global Private Limited, and Ms. Manavika Rishiraj Agarwal (PAC) to acquire up to 9,25,782 shares (26% of voting capital) of Rishab Special Yarns Ltd at Rs. 13.00 per share, totalling Rs. 1.20 crore. The offer was open from November 14 to November 27, 2025, and crucially, no public shareholders tendered any shares – the entire open offer portion received zero acceptances. The underlying Share Purchase Agreement for 44.23% stake (15,74,970 shares) had already been executed on October 17, 2024, so the acquirers still hold 44.23% post-offer (instead of the proposed 70.23% if the open offer had been fully accepted). The acquirers will now apply to SEBI for reclassification as promoters of the company. Payment date is set for December 11, 2025, though no payout is due since no shares were tendered.
Public shareholders showed no interest in tendering at Rs. 13 per share, meaning the acquirers control 44.23% of the company through the direct purchase route but missed the chance to take it to 70.23%. The low offer price (likely perceived as below market value) and the failure of the open offer may affect share price action and signal limited takeover premium for remaining public holders.