Systematix Corporate Services Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer ("DLOF") to the public shareholders of Dugar Housing Developments Ltd ("Target ....
Awaiting price reaction for this filing.
Systematix Corporate Services Ltd has filed a Draft Letter of Offer with SEBI for a mandatory Open Offer to the public shareholders of BSE-listed Dugar Housing Developments Ltd. The offer, triggered under SEBI (SAST) Regulations 3(1) and 4, is being made by Mr. Vinoth Kumar Mohanadas and Mrs. Suseela Kumarappan (both Sri Lanka-based) following a Share Purchase Agreement to acquire 97,949 shares (32.65% of present capital) and a Board-approved preferential allotment of 32,00,000 equity shares plus 27,00,000 convertible warrants. The Acquirers are offering ₹12 per share in cash for up to 30,94,000 shares (26% of fully diluted voting capital), with the tendering window running from June 4, 2025 to June 17, 2025. The Acquirers intend to take control and reposition the Target Company into AI, ML, cloud, SaaS, and IT consulting services, potentially discontinuing the existing (currently non-operational) housing development line of business.
Public shareholders of Dugar Housing can tender shares at the ₹12 offer price between June 4–17, 2025; the offer signals an imminent change of control and a likely pivot of the listed entity into technology/AI-focused businesses, which could materially reshape the company's future trajectory.