Description

Mr. Akhil Mittal and Ms. Pratika Sharma announce open offer to acquire 26% of Ramchandra Leasing and Finance Limited at ₹2.36 per share.

Summary

Mr. Akhil Mittal and Ms. Pratika Sharma have announced an open offer to acquire up to 2,11,02,120 equity shares representing 26% of the emerging voting share capital of Ramchandra Leasing and Finance Limited. The offer is made at ₹2.26 per share plus applicable interest of ₹0.10, totaling ₹2.36 per equity share, payable in cash. This mandatory open offer is being made in compliance with SEBI (SAST) Regulations 2011.

Key Points

  • Acquirers: Mr. Akhil Mittal and Ms. Pratika Sharma
  • Target: 2,11,02,120 equity shares (26% of emerging voting share capital)
  • Offer Price: ₹2.36 per share (₹2.26 base price + ₹0.10 interest)
  • Face Value: ₹1 per share
  • Payment Mode: Cash
  • Offer Type: Mandatory open offer under Regulations 3(1) & 4 of SEBI SAST

Regulatory Changes

No new regulatory changes introduced. The offer is being made under existing SEBI (SAST) Regulations 2011, specifically pursuant to Regulations 3(1), 4, and 18(11).

Compliance Requirements

  • Public shareholders must review the Letter of Offer and decide on tendering their shares
  • Recent sellers of shares should hand over the Letter of Offer to the stock exchange member through whom the sale was effected
  • The offer is not conditional upon any minimum level of acceptance per Regulation 19(1)
  • No competing offer has been announced as per Regulation 20

Important Dates

  • Letter of Offer Date: September 2, 2025
  • Tendering period commencement: To be announced
  • Any upward price revision must be announced at least one working day before tendering period begins

Impact Assessment

This open offer represents a significant change in control of Ramchandra Leasing and Finance Limited. The acquisition of 26% stake will provide the acquirers substantial influence over the company’s operations. Public shareholders have an exit opportunity at the offered price. The offer being unconditional ensures execution regardless of acceptance levels, providing certainty to the market.

Impact Justification

Significant corporate control change with 26% stake acquisition requiring mandatory open offer under SEBI SAST Regulations