Description

Open offer by Hitesh Kothari and associates to acquire up to 96,35,840 shares (26%) of Premier Capital Services Limited at ₹5.65 per share.

Summary

Mr. Hitesh Kothari, Hitesh Kothari HUF, and Hargo Enterprise Private Limited have announced an open offer to acquire up to 96,35,840 equity shares representing 26% of the voting share capital of Premier Capital Services Limited at an offer price of ₹5.65 per share, payable in cash. This offer is made pursuant to SEBI (SAST) Regulations for substantial acquisition of shares accompanied with change in control and management.

Key Points

  • Open offer for 26% stake (96,35,840 shares) at ₹5.65 per share
  • Three acquirers: Mr. Hitesh Kothari, Hitesh Kothari HUF, and Hargo Enterprise Private Limited
  • Offer made under Regulations 3(1) and 4 of SEBI (SAST) Regulations, 2011
  • Substantial acquisition accompanied with change in control and management
  • Not conditional upon minimum acceptance level
  • No differential pricing in the offer
  • Not a competing offer under Regulation 20
  • Cash payment mode for eligible shareholders

Regulatory Changes

No regulatory changes announced. This is a standard open offer in compliance with SEBI (SAST) Regulations, 2011 for substantial acquisition and change in control.

Compliance Requirements

  • Eligible shareholders should review the Letter of Offer document
  • Shareholders interested in tendering should follow the acceptance-cum-acknowledgement process
  • Recently sold shares should be handled through stock exchange members
  • Acquirers to obtain any statutory approvals if required before expiration of tendering period
  • Offer price and size subject to upward revision as per Regulation 18(4) until September 3, 2025

Important Dates

  • Last date for upward revision of offer price/size: September 3, 2025 (one working day before tendering period)
  • Tendering period dates to be announced (not specified in the excerpt)

Impact Assessment

This open offer represents a significant change in the ownership structure and control of Premier Capital Services Limited. The acquisition of 26% stake will result in change of management control. Shareholders have the opportunity to exit at ₹5.65 per share through this mandatory open offer. The unconditional nature of the offer provides certainty for tendering shareholders.

Impact Justification

Substantial acquisition with change in control of a listed company affecting 26% shareholding