Description

Open offer by Mr. Deniis Desai to acquire up to 1,63,800 equity shares (26% of emerging voting capital) of Devinsu Trading Limited at ₹350 per share under SEBI (SAST) Regulations, 2011.

Summary

Mr. Deniis Desai has initiated an open offer to acquire up to 1,63,800 fully paid-up equity shares of Devinsu Trading Limited at ₹350.00 per equity share. This represents 26.00% of the emerging voting capital of the Target Company. The offer is being made pursuant to Regulations 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Mark Corporate Advisors Private Limited has been appointed as the Manager to the Offer.

Key Points

  • Acquirer: Mr. Deniis Desai, residing at 3402, Raheja Odyssey, Village Magathane, Borivali (East), Mumbai-400066
  • Target Company: Devinsu Trading Limited (CIN: L51900MH1985PLC036383)
  • Offer Size: Up to 1,63,800 fully paid-up equity shares
  • Percentage of Emerging Voting Capital: 26.00%
  • Offer Price: ₹350.00 per equity share (face value ₹10)
  • Payment Mode: Cash
  • This is not a conditional offer and is not subject to any minimum level of acceptance
  • This is not a competing offer under Regulation 20 of SEBI (SAST) Regulations, 2011
  • No statutory approvals currently required as on date
  • Manager to the Offer: Mark Corporate Advisors Private Limited (SEBI Registered)

Regulatory Changes

This open offer is conducted in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and amendments thereto. The offer follows mandatory open offer requirements under Regulations 3(1) and 4 of SEBI (SAST) Regulations.

Compliance Requirements

  • Eligible Equity Shareholders can tender their shares during the Tendering Period
  • If upward revision in Offer Price/Offer Size occurs prior to one working day before commencement of Tendering Period, announcement will be made in the same newspapers where DPS was published
  • If statutory/regulatory approvals become required before closing of Tendering Period, the offer shall be subject to receipt of such approvals
  • If offer is withdrawn pursuant to Regulation 23, communication will be made within two working days via newspaper announcement
  • All documents including PA, DPS, DLoF and LoF are available on SEBI website at www.sebi.gov.in

Important Dates

  • Letter of Offer Date: As per circular date (October 24, 2025)
  • Tendering Period: To be specified in detailed schedule
  • Settlement Schedule: As per separate circular notification

Impact Assessment

Market Impact: High - This is a significant takeover event involving acquisition of 26% stake in Devinsu Trading Limited. The open offer provides exit opportunity to existing shareholders at ₹350 per share.

Shareholder Impact: Existing eligible equity shareholders have the opportunity to tender their shares at the offer price. The unconditional nature of the offer (no minimum acceptance level) provides certainty to tendering shareholders.

Control Impact: Successful completion of this offer will result in substantial change in shareholding pattern and potential change in control of the Target Company.

Trading Impact: Trading and settlement of trades in dematerialized securities will be governed by separate operational guidelines issued by BSE.

Impact Justification

Material corporate action involving 26% stake acquisition in a listed company under mandatory open offer regulations, directly impacting existing shareholders' rights and company control.