Sundae Capital Advisors Private Ltd has submitted to the Exchange a copy of Intimation of termination of share purchase agreement and Securities Subscription agreements of the company.
TRU · price
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Awaiting price reaction for this filing.
The deal to acquire TruCap Finance by Marwadi Chandarana Intermediaries Brokers has fallen through. The Acquirer has terminated both the Share Purchase Agreement (SPA) for buying 3.68 crore equity shares (15.26% of share capital) from promoters at Rs. 4.07 per share (worth up to Rs. 14.98 crore), and the Securities Subscription Agreement (SSA) for 11.57 crore shares and 9.37 crore convertible warrants at Rs. 9.88 each. The Open Offer to public shareholders for 26% of the emerging share capital is also being withdrawn. The termination was triggered by a 'material adverse effect' on TruCap Finance and breach of fundamental warranties by the company. The Acquirer has asked TruCap to withdraw all pending regulatory filings related to the preferential issue. Newspaper advertisements confirming the termination were published on September 25, 2025, following TruCap's own intimation to the stock exchanges on September 23, 2025.
This is negative for existing shareholders: the expected change of ownership and management is off, the open offer at Rs. 4.07 per share (which was acting as a near-term price reference) is being withdrawn, and there is no clarity yet on what new direction the company or promoters will take. The stock could see weakness in the short term given the collapse of a deal that had provided a price anchor.