Description

Open offer by AL Maha Investment Fund PCC-ONYX Strategy and Indigo Infracon Private Limited to acquire up to 26% equity shares of Lake Shore Realty Limited at ₹57.51 per share.

Summary

AL Maha Investment Fund PCC-ONYX Strategy (Acquirer 1) and Indigo Infracon Private Limited (Acquirer 2) have launched an open offer to acquire up to 9,10,182 fully paid-up equity shares representing 26% of the equity and voting share capital of Lake Shore Realty Limited (formerly Mahaan Foods Limited). The offer price is ₹57.51 per equity share of face value ₹10, payable in cash. This acquisition is being made pursuant to Regulations 3(1) and 4 of SEBI (SAST) Regulations, 2011 for substantial acquisition accompanied with change in control and management.

Key Points

  • Offer Size: Up to 9,10,182 equity shares (26% of fully paid-up equity and voting share capital)
  • Offer Price: ₹57.51 per equity share (face value ₹10)
  • Payment Mode: Cash
  • Target Company: Lake Shore Realty Limited (formerly Mahaan Foods Limited)
  • CIN: L68100DL1987PLC350285
  • Registered Office: 23, 2nd Floor, Club Road, North West, Avenue West, West Punjabi Bagh, New Delhi-110026
  • Acquirer 1: AL Maha Investment Fund PCC-ONYX Strategy, Mauritius
  • Acquirer 2: Indigo Infracon Private Limited, Maharashtra, India
  • No differential pricing in this offer
  • No statutory approvals required as on the date of Letter of Offer

Regulatory Changes

This offer is made in compliance with:

  • Regulations 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • Involves substantial acquisition of equity shares and voting share capital with change in control and management

Compliance Requirements

  • For Public Shareholders: Letter of Offer being sent with Form of Acceptance-cum-Acknowledgement for tendering shares
  • Price Revision: Under Regulation 18(4) of SEBI (SAST) Regulations, Acquirers permitted to revise Offer Price or Offer Size until 1 working day before commencement of Tendering Period
  • Withdrawal: If offer withdrawn per Regulation 23, announcement required within 2 working days in same newspapers as Detailed Public Statement
  • Upward Revision: Any revision in Offer Price/Size to be announced via public announcement in same newspapers

Important Dates

  • Circular Date: October 9, 2025
  • Tendering Period: To be announced (last 1 working day before commencement is deadline for price/size revision)
  • Price Revision Deadline: 1 working day before Tendering Period commencement

Impact Assessment

High Impact on:

  • Target Company: Change in control and management of Lake Shore Realty Limited
  • Public Shareholders: Opportunity to exit at ₹57.51 per share (475% premium to face value)
  • Corporate Governance: New controlling shareholders will assume management control
  • Market: Significant takeover activity indicating interest in real estate sector companies

Stakeholder Actions Required:

  • Public shareholders should evaluate the offer price against market value and future prospects
  • Recent sellers should forward documents to their stock brokers
  • Shareholders requiring clarification should consult stock brokers, investment consultants, Manager to the Offer, or Registrar to the Offer

Impact Justification

Major corporate action involving change in control and management through open offer for 26% stake at significant premium to face value