Description
Wallet Circle Technologies Limited announces open offer to acquire up to 25.89% stake in Alchemist Corporation Limited at ₹16 per share.
Summary
Wallet Circle Technologies Limited has announced 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 offer is made pursuant to SEBI (SAST) Regulations 2011 for substantial acquisition accompanied with 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
- Offer restricted to shares held by public shareholders only
- Open offer triggered under Regulations 3(1) and 4 of SEBI (SAST) Regulations 2011
- Not conditional upon minimum acceptance level
- No competing offers as of the date of Letter of Offer
Regulatory Changes
None specified in this circular.
Compliance Requirements
- Public shareholders must respond to the open offer through proper tendering process
- Acquirer must comply with SEBI (SAST) Regulations 2011
- Any statutory approvals required before closure of tendering period must be obtained
- Marketable lot is 1 share
Important Dates
- Offer Size calculation basis: 10th working day from closure of tendering period
- Last date for competing offers has expired
- Specific tendering period dates not mentioned in the excerpt
Impact Assessment
High impact takeover involving change in control of Alchemist Corporation Limited. Public shareholders holding 25.89% stake will have opportunity to exit at ₹16 per share. The acquisition represents substantial ownership change and may affect future operations and strategic direction of the target company.
Impact Justification
Major corporate takeover affecting public shareholders with mandatory open offer under SEBI regulations