We wish to inform you about the enclosed Letter of Offer issued by Saffron Capital Advisers Private Limited ("Manager to the Offer") in relation to the Open Offer to the eligible public ....
Awaiting price reaction for this filing.
Alchemist Corporation Limited has issued the formal Letter of Offer for an open offer triggered by a change of control. Acquirer Wallet Circle Technologies Limited has already bought 74.11% of the company (36,42,200 shares) from the existing promoter Rajendra Seclease Limited at ₹6 per share through a Share Purchase Agreement signed on April 4, 2025, with closing completed on June 6, 2025. Now, under SEBI takeover rules, the acquirer is offering to buy up to 12,72,133 additional shares (25.89% of voting capital) from public shareholders at ₹16 per share in cash, for a maximum total payout of about ₹2.03 crore. The offer is not conditional on any minimum acceptance and opens on September 11, 2025, closing on September 24, 2025. Public shareholders who wish to exit can tender their shares during this window through BSE.
Public shareholders have a clear exit opportunity at ₹16 per share, more than 2.5x the price paid by the acquirer to the promoter, but the offer size is small (only ₹2 crore total) so it will not meaningfully move the stock. Shareholders who do not tender will remain invested in a company under new management whose future direction is uncertain.