D & A Financial Services (P) Ltd ("Manager to the Offer) has submitted to BSE a copy of Detailed Public Statement to the Public Shareholders of Switching Technologies Gunther Ltd ("Target ....
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D & A Financial Services, the manager to the offer, has filed a Detailed Public Statement with BSE for an open offer to acquire up to 6,37,000 equity shares (26%) of Switching Technologies Gunther Ltd (STGL) at Rs. 66 per share, aggregating to about Rs. 4.20 crore. The offer is triggered by a Share Purchase Agreement dated January 24, 2026, where promoters Guenther America INC will sell their entire 37.63% stake (9,22,000 shares) at Rs. 30/share to three acquirers: BBU Enterprises Pvt Ltd, Touristas Horizons Pvt Ltd, and Mr. Nikhil Pujari. Post-offer, the acquirers will hold 63.63% of STGL, resulting in a complete change of control and management. The acquirers have indicated plans to shift the company's business from manufacturing switching products (reed switches, proximity sensors) to food processing, FMCG, beverages, and dairy products. The tendering period is scheduled from March 23, 2026 to April 8, 2026.
Public shareholders get a clear exit opportunity at a premium offer price of Rs. 66 versus the SPA price of Rs. 30. However, the target company has deeply negative net worth (Rs. -16.23 crore as of Sept 2025) and consistent losses, combined with a planned business pivot and existing Business Transfer Agreement, which introduces significant uncertainty for remaining shareholders post-tender.