Description

Open offer by Rajendra Naniwadekar to acquire up to 26% equity stake in Hindustan Agrigenetics Limited at ₹54 per share.

Summary

Rajendra Naniwadekar has announced an open offer to acquire up to 11,44,052 equity shares (26% of total paid-up equity share capital) of Hindustan Agrigenetics Limited at ₹54 per share. The offer is made pursuant to SEBI (SAST) Regulations for substantial acquisition of shares with change in control and management of the target company.

Key Points

  • Acquirer: Rajendra Naniwadekar (residing at Hyderabad)
  • Target Company: Hindustan Agrigenetics Limited (HAGL)
  • Offer Size: Up to 11,44,052 equity shares (26% of paid-up capital)
  • Offer Price: ₹54 per equity share (face value ₹10)
  • Offer Type: Unconditional open offer (not subject to minimum acceptance)
  • Regulatory Framework: SEBI (SAST) Regulations 2011
  • No competing bid announced as of the offer date

Regulatory Changes

This offer is made under Regulation 3(1) and Regulation 4 of SEBI (SAST) Regulations 2011 for substantial acquisition accompanied with change in control and management. The acquirer has rights under Regulation 23(1) to not proceed if statutory approvals are refused.

Compliance Requirements

  • Shareholders must refer to Section 8 ‘Procedure for Acceptance and Settlement of the Offer’ (pages 24-30)
  • Form of Acceptance-cum-Acknowledgement must be used for tendering shares
  • All correspondence should be addressed to the Manager/Registrar to the Offer
  • Public documents available on SEBI website (www.sebi.gov.in)

Important Dates

  • Target Company registered office shifted from Nehru Place to Safdarjung Development Area pursuant to Board resolution dated January 17, 2025
  • Offer price may be revised up to commencement of last working day prior to opening of tendering period
  • Tendering period details to be announced separately

Impact Assessment

This is a significant corporate action involving potential change in control and management of Hindustan Agrigenetics Limited. The 26% acquisition threshold triggers mandatory open offer requirements under SEBI regulations. Shareholders need to make informed decisions about tendering their shares at the offered price of ₹54 per share.

Impact Justification

Major takeover offer affecting 26% of company's equity capital with potential control change