Description

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

Summary

Mr. Deniis Desai (Acquirer) has initiated an open offer to acquire up to 1,63,800 fully paid-up equity shares representing 26.00% of the emerging voting capital of Devinsu Trading Limited at an offer price of ₹350.00 per equity share. This offer is being made pursuant to Regulations 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The offer is unconditional and not subject to any minimum level of acceptance.

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 (26.00% of emerging voting capital)
  • Face Value: ₹10 per equity share
  • Offer Price: ₹350.00 per equity share, payable in cash
  • This is not a conditional offer and does not require minimum level of acceptance
  • This is not a competing offer
  • Manager to the Offer: Mark Corporate Advisors Private Limited
  • No statutory approvals currently required as on date
  • Eligible shareholders are those holding equity shares in Devinsu Trading Limited

Regulatory Changes

None specified. This is a standard open offer made in accordance with existing SEBI (SAST) Regulations, 2011.

Compliance Requirements

  • Eligible equity shareholders who wish to tender their shares must do so during the Tendering Period using the Form of Acceptance-cum-Acknowledgement
  • If shareholders have recently sold their shares, they must hand over the Letter of Offer and accompanying forms to the member of the Stock Exchange through whom the sale was affected
  • Any upward revision in Offer Price/Offer Size prior to one working day before commencement of Tendering Period will be announced in the same newspapers where the DPS was published
  • If the offer is withdrawn pursuant to Regulation 23 of SEBI (SAST) Regulations, 2011, announcement will be made within two working days in the same newspapers

Important Dates

  • Tendering Period: To be announced (specific dates not mentioned in this circular)
  • Any revisions to offer price must be announced at least one working day before commencement of Tendering Period
  • Withdrawal notice (if applicable): Within two working days via newspaper announcement

Impact Assessment

Impact on Shareholders: High impact for existing shareholders of Devinsu Trading Limited as this represents a significant takeover opportunity at ₹350 per share. Shareholders must evaluate the offer price against current market price and future prospects.

Market Impact: This open offer signals a potential change in control or significant stake increase in Devinsu Trading Limited. The unconditional nature of the offer provides certainty to shareholders who wish to exit.

Regulatory Compliance: The offer is structured in full compliance with SEBI (SAST) Regulations, 2011, providing regulatory protection to shareholders.

Liquidity: Provides exit opportunity for up to 26% of the company’s shareholders at the stated price of ₹350 per share.

Documents Available: Public Announcement (PA), Detailed Public Statement (DPS), Draft Letter of Offer (DLoF), and Letter of Offer (LoF) are available on SEBI website at www.sebi.gov.in for shareholder reference.

Impact Justification

Major corporate action involving takeover offer for 26% stake in listed company, critical for existing shareholders to respond