Sundae Capital Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the eligible shareholders of the TruCap Finance Ltd ("Target Company").
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Sundae Capital Advisors, acting as Manager to the Offer, has filed the Draft Letter of Offer with BSE for a mandatory open offer on TruCap Finance Limited under SEBI SAST Regulations. The acquirer, Marwadi Chandarana Intermediaries Brokers Private Limited, is offering to buy up to 6,26,81,904 equity shares (26% of the emerging share capital) at Rs. 9.88 per share, totaling about Rs. 61.93 crore. This follows a Securities Subscription Agreement for a preferential issue of 11.56 crore shares plus 9.37 crore warrants at Rs. 9.88 each (aggregating Rs. 206.87 crore), and a Share Purchase Agreement to acquire 3.68 crore shares (15.26%) from existing promoters at Rs. 4.07 per share. The combined transactions will result in a change of control, with Marwadi Chandarana becoming the new promoter. The offer is subject to RBI approval and the tendering period is scheduled from July 16 to July 29, 2025.
Eligible public shareholders can sell their shares at Rs. 9.88 per share during the July 16–29, 2025 tendering window. The deal will bring a change of control at TruCap Finance, with existing promoters stepping down and Marwadi Chandarana taking over as the new promoter; shares may see some price movement around the open offer window.