Description

Open offer by Mr. Amit Sharma and Mr. Arjit Sachdeva to acquire up to 69,24,902 equity shares (13.44%) of Anka India Limited at Rs. 17.00 per share under SEBI (SAST) Regulations, 2011.

Summary

Mr. Amit Sharma and Mr. Arjit Sachdeva (collectively “Acquirers”) have launched an open offer to acquire up to 69,24,902 fully paid-up equity shares representing 13.44% of the existing equity and voting share capital of Anka India Limited at an offer price of Rs. 17.00 per equity share (face value Rs. 10). The offer is made pursuant to Regulations 3(1) and 4 of SEBI (SAST) Regulations, 2011 and is not conditional on minimum acceptance levels.

Key Points

  • Offer to acquire up to 69,24,902 equity shares (13.44% of existing equity capital)
  • Offer price: Rs. 17.00 per equity share (face value Rs. 10)
  • Payment will be made in cash to eligible equity shareholders
  • This is an unconditional offer, not subject to minimum level of acceptance
  • Not a competing offer under Regulation 20 of SEBI (SAST) Regulations, 2011
  • No other statutory approvals required to acquire equity shares tendered
  • Manager to the Offer: Corporate Makers Capital Limited (SEBI Reg: INM000013095)
  • Target Company CIN: L74900HR1994PLC033268
  • Registered Office: 6 Legend Square Sector 33, Gurgaon, Haryana-122004

Acquirer Details

Acquirer-1: Mr. Amit Sharma

  • Address: D 1902, The Grand Arch, Sector 58, Gurgaon, Haryana-122011
  • Contact: +91-9999994536
  • Email: asharma1991@gmail.com

Acquirer-2: Mr. Arjit Sachdeva

Regulatory Framework

  • Offer made under Regulations 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • Unconditional offer not subject to minimum acceptance threshold
  • Any upward revision in offer price/size prior to one working day before tendering period will be announced in same newspapers as DPS
  • Revised offer price applicable to all eligible shareholders who validly tender shares
  • If offer withdrawn per Regulation 23, announcement within 2 working days required

Important Documents

The following documents are available on SEBI website (www.sebi.gov.in):

  • Public Announcement (PA)
  • Detailed Public Statement (DPS)
  • Draft Letter of Offer (DLoF)
  • Corrigendum to PA, DPS, DLOF
  • Letter of Offer (LOF)

Compliance Requirements

For Eligible Equity Shareholders:

  • Review the Letter of Offer and accompanying acceptance form
  • Consult stockbroker, investment consultant, or offer manager/registrar for clarifications
  • If shares recently sold, hand over LOF and acceptance form to stock exchange member through whom sale was executed
  • Validly tender shares during the tendering period if accepting the offer
  • Ensure shares tendered are verified and accepted under the offer

Impact Assessment

This open offer represents a significant corporate action for Anka India Limited shareholders:

Market Impact:

  • Potential change in shareholding pattern affecting up to 13.44% of equity capital
  • Price discovery mechanism through offer price of Rs. 17.00 per share
  • May trigger price movements in secondary market

Shareholder Impact:

  • Provides exit opportunity for eligible equity shareholders at defined price
  • Cash payment ensures liquidity for accepting shareholders
  • Unconditional nature provides certainty of completion if shares accepted

Corporate Governance:

  • Regulatory compliance under SEBI (SAST) framework
  • Transparency through mandatory public disclosures
  • Professional management through SEBI-registered manager (Corporate Makers Capital Limited)

Impact Justification

Major corporate action involving takeover offer for 13.44% stake in listed company, significant for existing shareholders with mandatory disclosure under SEBI regulations