The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Wallet Circle Technologies Ltd
Awaiting price reaction for this filing.
Wallet Circle Technologies Ltd, classified as a non-promoter entity, has acquired 36,42,200 equity shares (74.11%) of Alchemist Corporation Ltd through a Share Purchase Agreement dated April 4, 2025. Before this deal, the acquirer held no shares in the company, and has now become the majority shareholder in a single transaction. The target has a total equity base of 49,14,333 shares of Rs. 10 each. The disclosure was filed under Regulation 29(1) of SEBI's Substantial Acquisition of Shares & Takeovers Regulations, 2011, which is triggered when an acquirer crosses the 5% threshold. Because the acquirer has crossed the maximum threshold directly via a Share Purchase Agreement, this is effectively a change of control deal that will require a mandatory open offer to remaining public shareholders at a SEBI-determined price.
This is a clean change of control for Alchemist Corporation Ltd — minority shareholders should expect a mandatory open offer from the new acquirer at SEBI-prescribed prices. The stock is likely to see heightened volatility and potential speculative interest as the open offer timeline unfolds.