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 (PACs) - Atul Kumar Sethi, Amita Sethi, and Ashish Sethi - has initiated an open offer to acquire up to 9,75,000 fully paid-up equity shares of face value ₹10 each of Shree Pacetronix Limited. This represents 26% of the expanded share capital at an offer price of ₹100 per equity share, payable in cash. The offer is made pursuant to Regulations 3(1) and other applicable provisions 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
  • Offer Size: Up to 9,75,000 equity shares (26% of expanded share capital)
  • Offer Price: ₹100 per equity share (face value ₹10)
  • Payment Mode: Cash
  • Target Company: Shree Pacetronix Limited (CIN: L33112MP1988PLC004317)
  • Registered Office: Plot No 15, Sector-II, Industrial Area, Pithampur-454775, Dist. Dhar, Madhya Pradesh
  • Not Conditional: Open offer is not conditional upon any minimum level of acceptance as per Regulation 19 of SEBI SAST Regulations

Regulatory Changes

Not applicable - this is a disclosure of corporate action (open offer) rather than a regulatory change.

Compliance Requirements

  • Public Shareholders: Must review the Letter of Offer and decide whether to tender their shares during the tendering period
  • Recent Sellers: If equity shares were recently sold, the LOF and Form of Acceptance cum acknowledgement must be handed over to the member of stock exchange through whom the sale was effected
  • Acquirer and PACs: Must comply with SEBI (SAST) Regulations, 2011 including:
    • Right to revise offer price under Regulation 18(4) until 1 working day before tendering period commencement
    • If price is revised under Regulation 18(5), must make corresponding announcement and disclosures
    • Obtain statutory approvals as mentioned in point 7.4 of the LOF
    • Make payment to public shareholders for whom no statutory approvals are required if approvals extend to only some shareholders

Important Dates

Specific dates for the tendering period and other key milestones are not provided in the excerpt. Public shareholders should refer to the complete Letter of Offer for detailed timeline information.

Impact Assessment

Impact on Public Shareholders: High impact as this is a mandatory open offer triggered under SEBI SAST Regulations. Public shareholders of Shree Pacetronix Limited have the opportunity to exit at the offer price of ₹100 per share.

Impact on Target Company: Potential change in control with the Acquirer and PACs seeking to acquire 26% of expanded share capital. This may lead to significant changes in management and strategic direction.

Market Impact: The open offer provides price discovery and liquidity to existing shareholders. The offer price of ₹100 per share (10x face value) will serve as a benchmark for market valuation during the offer period.

Regulatory Compliance: The open offer demonstrates compliance with SEBI SAST Regulations governing substantial acquisitions and takeovers, ensuring fair treatment of minority shareholders through the mandatory offer mechanism.

Impact Justification

Significant corporate action involving takeover of 26% stake in Shree Pacetronix Limited, directly impacting public shareholders with mandatory open offer under SEBI SAST Regulations