Description

Wallet Circle Technologies Limited launches open offer to acquire up to 25.89% stake in Alchemist Corporation Limited at ₹16 per share.

Summary

Wallet Circle Technologies Limited has launched an open offer to acquire up to 12,72,133 equity shares (25.89% of total voting share capital) of Alchemist Corporation Limited at ₹16 per share. This mandatory offer is triggered under SEBI (SAST) Regulations following substantial acquisition of shares and change in control.

Key Points

  • Acquirer: Wallet Circle Technologies Limited (CIN: U93000DL2013PLC250233)
  • Target Company: Alchemist Corporation Limited (CIN: L74899DL1993PLC055768)
  • Offer Price: ₹16 per equity share (face value ₹10)
  • Offer Size: 12,72,133 equity shares representing 25.89% of total voting share capital
  • Open offer is unconditional and not subject to minimum acceptance level
  • No competing offers exist and deadline for competing offers has expired
  • Marketable lot: 1 share

Regulatory Changes

This open offer is made pursuant to Regulations 3(1) and 4 of SEBI (SAST) Regulations, 2011 for substantial acquisition of shares/voting rights accompanied with change in control.

Compliance Requirements

  • Public shareholders of Alchemist Corporation Limited are eligible to participate
  • Shareholders who recently sold shares should forward the Letter of Offer to purchasers
  • Any required statutory approvals must be obtained before closure of tendering period
  • Offer compliance with SEBI (SAST) Regulations mandatory

Important Dates

  • Offer size calculation based on 10th working day from closure of tendering period
  • Deadline for competing offers has expired
  • Specific tendering period dates to be announced

Impact Assessment

This takeover offer represents a significant corporate action that could result in change of control of Alchemist Corporation Limited. The offer provides an exit opportunity for public shareholders at ₹16 per share. The acquisition will consolidate Wallet Circle Technologies’ control over the target company, potentially impacting future business strategy and operations.

Impact Justification

Major corporate action involving takeover offer affecting 25.89% of company's voting capital