Description

Open offer by Shankarappa Nagaraja Vinaya Babu and Tumkur Trade Center Private Limited to acquire up to 91,69,632 equity shares (26%) of Pharmaids Pharmaceuticals Limited at ₹62.15 per share.

Summary

Shankarappa Nagaraja Vinaya Babu (Acquirer) along with Tumkur Trade Center Private Limited (Person Acting in Concert) has made an open offer to acquire up to 91,69,632 fully paid equity shares of Pharmaids Pharmaceuticals Limited, representing 26% of the total voting share capital on a fully diluted basis, at ₹62.15 per share.

Key Points

  • Acquirer: Shankarappa Nagaraja Vinaya Babu, Tumkur, Karnataka
  • Target Company: Pharmaids Pharmaceuticals Limited (CIN: L52520KA1989PLC173979)
  • Offer Shares: 91,69,632 equity shares of ₹10 face value each
  • Offer Price: ₹62.15 per equity share
  • Percentage: 26% of total voting share capital
  • Open offer made pursuant to SEBI (SAST) Regulations, 2011
  • Not conditional upon minimum acceptance level
  • No competing offer as on date of Letter of Offer

Regulatory Changes

Open offer made in accordance with Regulations 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Compliance Requirements

  • Public shareholders of Pharmaids Pharmaceuticals Limited are eligible to participate
  • Offer not conditional upon minimum acceptance as per Regulation 19(1)
  • If competing offers emerge, all subsisting bids shall open and close on same date
  • Subject to receipt of statutory approvals if required before closure of tendering period

Important Dates

  • Offer acceptance to be calculated as of tenth working day from closure of tendering period
  • Current marketable lot: 1 share
  • Specific tendering period dates not mentioned in this excerpt

Impact Assessment

High impact takeover offer that could result in change of control for Pharmaids Pharmaceuticals Limited. Shareholders need to evaluate the offer price of ₹62.15 against current market value and company prospects. The 26% acquisition threshold represents a significant stake that could influence company operations and governance.

Impact Justification

Major takeover offer affecting 26% of company's voting capital with significant impact on shareholders