Description

Open offer to acquire up to 11,44,052 equity shares (26% stake) of Hindustan Agrigenetics Limited at ₹54 per share following substantial acquisition and change in control.

Summary

Rajendra Naniwadekar has launched an open offer to acquire up to 11,44,052 equity shares (26% stake) of Hindustan Agrigenetics Limited at ₹54 per share. This mandatory open offer is being made pursuant to SEBI (SAST) Regulations following substantial acquisition accompanied by change in control and management of the target company.

Key Points

  • Acquirer: Rajendra Naniwadekar, residing at House Dev-Chhaya, 3-4-252/1 Kachiguda, Hyderabad – 500 027
  • Target Company: Hindustan Agrigenetics Limited (HAGL)
  • Offer Size: Up to 11,44,052 fully paid-up equity shares of ₹10 face value each
  • Stake: 26% of total paid-up equity share capital
  • Offer Price: ₹54 per equity share in cash
  • Regulatory Basis: SEBI (SAST) Regulations 2011, Regulation 3(1) and Regulation 4
  • Offer Type: Not conditional to any minimum level of acceptance
  • Competing Offer: None announced as of the date of Letter of Offer

Regulatory Changes

This open offer is triggered by substantial acquisition of shares/voting rights accompanied with change in control and management of Hindustan Agrigenetics Limited, making it mandatory under SEBI (SAST) Regulations.

Compliance Requirements

  • Shareholders must follow the acceptance procedure detailed in Section 8 of the Letter of Offer
  • Form of Acceptance-cum-Acknowledgement must be used for tendering shares
  • All correspondence should be addressed to the Manager/Registrar to the Offer
  • Target company has shifted its registered office from 806, Meghdoot, 94 Nehru Place, New Delhi 110019 to C-1/5, Second Floor, Safdarjung Development Area, New Delhi – 110016

Important Dates

  • Board Meeting for Office Relocation: January 17, 2025
  • Offer Period: Details to be announced (tendering period mentioned but dates not specified in the excerpt)
  • Price Revision Deadline: Up to commencement of last working day prior to opening of tendering period

Impact Assessment

This is a significant corporate action involving change in control of a listed company. The open offer represents a substantial 26% stake acquisition, which will impact the ownership structure of Hindustan Agrigenetics Limited. Shareholders have the opportunity to exit at ₹54 per share. The acquirer reserves the right not to proceed if statutory approvals are refused or other specified conditions are triggered under Regulation 23(1) of SEBI (SAST) Regulations.

Impact Justification

Major corporate action involving 26% stake acquisition with change in control of listed company