Systematix Corporate Services Ltd ("Manager to the Offer") has submitted to BSE a copy of Public Announcement ('PA') under Regulations 3(1) and 4 read with 13, 14 and Regulation 15(1) of ....
Awaiting price reaction for this filing.
Mr. Vinoth Kumar Mohanadas and Mrs. Suseela Kumarappan (both based in Sri Lanka) have announced an open offer to acquire up to 30,94,000 equity shares (26% of the fully diluted capital) of BSE-listed Dugar Housing Developments Limited at Rs. 12 per share, totalling about Rs. 3.71 crore in cash. The offer follows a Share Purchase Agreement signed on April 07, 2025, under which the acquirers will buy 97,949 shares (32.65% of pre-issue capital) from existing promoters T Padam Dugar, P Annjana Dugar, and Shruti Dugar at the same Rs. 12 price. The Target Company's board has also approved a preferential allotment of 89 lakh equity shares and 27 lakh convertible warrants to the acquirers and non-promoters at Rs. 12 each. After all transactions, the acquirers will collectively hold 50.40% and gain control, while the existing promoters will be reclassified as public shareholders. The shares of Dugar Housing are classified as infrequently traded on BSE.
Public shareholders of Dugar Housing Developments can tender their shares at Rs. 12 per share in cash during the 10-working-day tendering window once the detailed public statement is issued on or before April 16, 2025. The Rs. 12 price is the floor price for an infrequently traded stock and effectively matches both the SPA and preferential issue price, limiting upside for sellers. Control is changing hands, so shareholders should expect shifts in board composition, strategy, and possibly the company's public shareholding structure going forward.