Sundae Capital Advisors Private Limited has submitted to the Exchange a copy of Detailed public statement in terms of Regulations 3(1) and 4 Read with Regulation 13(4),14(3) and 15(2) and other applicable Regulations of the securities and Exchange board of India ( SAST) Regulations, 2011 as amended, to the eligible shareholders of the company.
TRU · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.2 pts more than Nifty Microcap 250 and 2.3 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Marwadi Chandarana Intermediaries Brokers Private Limited has triggered a mandatory Open Offer to acquire up to 6,26,81,904 equity shares (26% of the Emerging Share Capital) of TruCap Finance Limited at Rs. 9.88 per share, aggregating to about Rs. 61.93 crores. The offer follows a Share Purchase Agreement to buy 3,68,00,220 shares from existing promoters and a Preferential Allotment of 11,56,80,000 equity shares plus 9,37,00,000 convertible warrants at the same price, which will give the acquirer control of the company. The Acquirer will become the new promoter, existing promoters will be reclassified as public shareholders, and board changes are proposed including appointment of new directors. The transaction is subject to RBI approval and other conditions precedent.
This is a control change event for TruCap Finance. Shareholders can tender shares in the open offer at Rs. 9.88 per share, but the offer price appears modest given the company's net worth of Rs. 16,219 lakhs. Expect increased stock price volatility around the offer timeline, and note that the acquirer plans to continue the existing NBFC business while exploring future diversification.