Description

Open offer by Dynalog (India) Limited and promoters to acquire up to 26% of voting share capital of EMA India Limited at ₹124 per equity share.

Summary

Dynalog (India) Limited and five co-acquirers (Mr. Shivaji Dattatraya Adhalrao, Mrs. Kalpana Shivaji Adhalrao, Mr. Akshay Shivaji Adhalrao, Mr. Apurva Shivaji Adhalrao, and Mrs. Madhuri Akshay Adhalrao) have launched an open offer to acquire up to 2,61,300 fully paid-up equity shares representing 26% of the voting share capital of EMA India Limited at ₹124 per equity share in cash. The offer is made pursuant to SEBI (SAST) Regulations, 2011 and is unconditional.

Key Points

  • Acquirers: Dynalog (India) Limited and 5 individual co-acquirers (Adhalrao family members)
  • Target Company: EMA India Limited (CIN: L27201UP1971PLC003408)
  • Offer Size: Up to 2,61,300 equity shares representing 26% of voting share capital
  • Offer Price: ₹124 per equity share (face value ₹10)
  • Payment Mode: Cash
  • Offer Type: Unconditional, not subject to minimum acceptance level
  • Regulatory Basis: SEBI (SAST) Regulations, 2011, Regulations 3(1) and 4
  • Not a Competing Offer: As per Regulation 20 of SEBI (SAST) Regulations
  • Statutory Approvals: No approvals currently required; subject to any approvals that may become applicable before tendering period closes

Regulatory Changes

Not applicable - this is a takeover offer disclosure, not a regulatory change announcement.

Compliance Requirements

  • Eligible Equity Shareholders: Must review Letter of Offer and decide whether to tender shares
  • Recent Sellers: If shares recently sold, must hand over LoF and acceptance forms to stock exchange member through whom sale was executed
  • Shareholder Action: Consult stockbroker, investment consultant, Manager to the Offer, or Registrar to the Offer for clarifications
  • Price Revision: Any upward revision in offer price/size before one working day prior to tendering period commencement will be announced in same newspapers where DPS was published
  • Acceptance: All eligible shareholders who validly tender shares during tendering period will receive revised offer price if applicable

Important Dates

  • Announcement Date: November 12, 2025
  • Tendering Period: To be announced (commencement date not specified in this excerpt)
  • Price Revision Deadline: Up to one working day before commencement of tendering period

Impact Assessment

For Target Company Shareholders:

  • Provides exit opportunity at ₹124 per share for up to 26% of company’s voting capital
  • Unconditional offer reduces uncertainty compared to conditional offers
  • No minimum acceptance threshold provides certainty of completion if shares tendered

For Target Company (EMA India Limited):

  • Potential change in shareholding structure and control
  • Acquirer group gaining significant minority or controlling stake
  • May impact company governance and strategic direction

Market Impact:

  • Share price likely to trade near or at offer price of ₹124 during offer period
  • Liquidity event for shareholders seeking exit
  • Regulatory compliance demonstrates adherence to SEBI takeover code

Control Implications:

  • 26% acquisition represents substantial stake potentially leading to change in control or significant influence over company decisions

Impact Justification

Major corporate action involving takeover of 26% stake requiring shareholder response; significant pricing and control implications for target company shareholders