Description
Open offer to acquire up to 34,64,900 equity shares (25.26%) of Euro Asia Exports Limited at ₹10 per share pursuant to SEBI takeover regulations.
Summary
Mr. Rajendra Kamalakant Chodankar has made an open offer to acquire up to 34,64,900 equity shares (25.26% of expanded voting share capital) of Euro Asia Exports Limited (now known as RRP Defense Limited) at ₹10 per share. The offer is being made pursuant to SEBI (SAST) Regulations 3(1) & 4 for control over the target company.
Key Points
- Acquirer: Mr. Rajendra Kamalakant Chodankar (PAN: AAFPC2966E)
- Target Company: Euro Asia Exports Limited (now RRP Defense Limited)
- Offer Size: Up to 34,64,900 equity shares representing 25.26% of expanded voting capital
- Offer Price: ₹10 per equity share (face value ₹10)
- Payment: Cash consideration
- Offer reduced from originally proposed 40,86,888 shares due to non-allotment of 20,00,000 preferential shares
Regulatory Changes
This is a mandatory open offer under SEBI (SAST) Regulations triggered by acquisition of control. The offer is not conditional on minimum acceptance levels and is not a competing offer.
Compliance Requirements
- Public shareholders must respond through the tendering process
- All statutory approvals as mentioned in Para 7.17 of the offer document are required
- Any additional approvals required before closure of tendering period must be obtained
Important Dates
- Tendering Period commencement: July 31, 2025 (Thursday)
- Last date for offer price revision: One working day prior to tendering period commencement
- Offer closure: As per tendering period specified in detailed offer document
Impact Assessment
This takeover offer will result in change of control of Euro Asia Exports Limited (RRP Defense Limited). The offer covers shares held by public shareholders, potentially leading to delisting if acceptance is high. Defense sector company change in ownership may have strategic implications.
Impact Justification
Major takeover offer affecting 25.26% of company's expanded voting capital