We wish to inform about the public announcement (PA) issued by Saffron Capital Advisors Pvt. Ltd (manager to the Offer) in relation to the Open Offer to the eligible public shareholders ....
Awaiting price reaction for this filing.
Wallet Circle Technologies Limited has agreed to acquire a 74.11% controlling stake (36,42,200 shares at ₹6 each, totalling ₹2.18 crore) from current promoter Rajendra Seclease Limited through a Share Purchase Agreement dated April 4, 2025. As a mandatory consequence under SEBI Takeover Regulations, an Open Offer has been triggered for up to 12,72,133 shares (25.89% of voting capital) from public shareholders at ₹16 per share, aggregating up to ₹2.03 crore. The shares are classified as infrequently traded, and the offer price was determined under Regulations 8(1) and 8(2). Post-completion, Wallet Circle Technologies will become the new promoter and Rajendra Seclease will exit. The acquirer has no plans to delist the company and has confirmed adequate financial arrangements.
This is a change-of-control transaction — existing promoter Rajendra Seclease is exiting entirely, and a new promoter (Wallet Circle Technologies, backed by Arjit Sachdeva) will take over the company. Public shareholders get a chance to exit at ₹16/share (well above the ₹6 negotiated SPA price) during the tendering period, which typically supports the stock price in the short term. Long-term impact depends on the new promoter's plans for the business.