Description

Open offer by Akash Sethi and PACs to acquire up to 9,75,000 equity shares representing 26% of expanded share capital of Shree Pacetronix Limited at ₹100 per share.

Summary

Akash Sethi (Acquirer) along with Persons Acting in Concert (Atul Kumar Sethi, Amita Sethi, and Ashish Sethi) has launched an open offer to acquire up to 9,75,000 fully paid-up equity shares of Shree Pacetronix Limited, representing 26% of the expanded share capital. The offer price is ₹100 per equity share, payable in cash. This open offer is being made pursuant to Regulations 3(1) and other applicable regulations of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Key Points

  • Acquirer: Akash Sethi, residing at 1, Moon Palace Colony, Near Dashahara Maidan, Indore-452009, Madhya Pradesh
  • PACs: Atul Kumar Sethi (PAC 1), Amita Sethi (PAC 2), and Ashish Sethi (PAC 3), all residing at the same address
  • Target Company: Shree Pacetronix Limited (CIN: L33112MP1988PLC004317)
  • Offer Size: Up to 9,75,000 equity shares (26% of expanded share capital)
  • Share Face Value: ₹10 per equity share
  • Offer Price: ₹100 per equity share (cash payment)
  • Regulatory Framework: SEBI (SAST) Regulations, 2011
  • Offer Type: Not conditional upon minimum level of acceptance per Regulation 19

Regulatory Changes

This is a compliance action under SEBI (SAST) Regulations, 2011, specifically Regulation 3(1) regarding substantial acquisition triggering mandatory open offer obligations. No new regulatory changes are introduced by this circular.

Compliance Requirements

  • Public Shareholders: Must review the Letter of Offer and decide whether to tender their shares during the tendering period
  • Recent Sellers: If shares were recently sold, shareholders must hand over the LOF and Form of Acceptance cum Acknowledgement to the stock exchange member through whom the sale was effected
  • Acquirer and PACs: Must comply with all SEBI (SAST) Regulations including:
    • Obtaining necessary statutory approvals mentioned in point 7.4 (page 31 of LOF)
    • Making public announcement and filing detailed public statement
    • Permitted to revise offer price until one working day before tendering period commencement (per Regulation 18(4))

Important Dates

  • LOF Date: October 29, 2025
  • Tendering Period: To be announced (commencement date not specified in provided excerpt)
  • Offer Price Revision Deadline: Up to 1 working day before tendering period commencement (per Regulation 18(4))

Impact Assessment

Market Impact: High - This takeover offer for 26% stake represents a significant change in control scenario for Shree Pacetronix Limited. The offer price of ₹100 per share (10x face value) provides an exit opportunity for public shareholders.

Shareholder Impact: High - Public shareholders must evaluate whether to tender their shares at the offered price or retain their investment. The offer is unconditional regarding minimum acceptance, providing certainty of completion if statutory approvals are obtained.

Corporate Governance: The acquisition will result in concentrated ownership with the Acquirer and PACs holding substantial stake, potentially affecting board composition and strategic direction.

Operational Impact: Medium - Depending on post-acquisition ownership structure, there may be changes in management strategy and business operations at Shree Pacetronix Limited.

Impact Justification

Major corporate action involving takeover offer for 26% stake in listed company at significant premium, requiring immediate shareholder attention under SEBI SAST Regulations