Description

Open offer by Shankar Varadharajan and Anancha Perumal Selvi Keshav to acquire up to 26% equity stake in Soma Papers and Industries Limited at Rs. 10 per share pursuant to SEBI SAST Regulations 2011.

Summary

Shankar Varadharajan and Anancha Perumal Selvi Keshav (Acquirers), along with three Persons Acting in Concert (Rohan Ramaswamy, Subramanyam Venkatesh, and Seethapathi Vignesh), have initiated an open offer to acquire up to 4,26,58,200 equity shares representing 26% of the expanded equity and voting share capital of Soma Papers and Industries Limited. The offer price is Rs. 10 per equity share of Rs. 10 face value. This offer is made pursuant to Regulations 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, triggered by substantial acquisition of shares/voting rights accompanied with change in control.

Key Points

  • Offer to acquire up to 4,26,58,200 equity shares (26% of expanded equity capital)
  • Offer price: Rs. 10 per equity share of face value Rs. 10
  • Acquirers: Mr. Shankar Varadharajan and Mr. Anancha Perumal Selvi Keshav
  • Three Persons Acting in Concert: Rohan Ramaswamy, Subramanyam Venkatesh, and Seethapathi Vignesh
  • Offer made pursuant to SEBI SAST Regulations 3(1) and 4
  • Triggered by substantial acquisition accompanied with change in control
  • Not conditional upon minimum level of acceptance
  • No statutory approvals required
  • Not a competing offer
  • No competing offer or revision of offer price as on date of Letter of Offer

Regulatory Changes

No regulatory changes. This is a compliance disclosure under existing SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Compliance Requirements

  • Letter of Offer sent to all shareholders of Soma Papers and Industries Limited
  • Shareholders who have sold shares recently should hand over the Letter of Offer and Form of Acceptance to the stock exchange member through whom sale was effected
  • Shareholders can tender their shares in acceptance of the open offer
  • Acquirers must comply with all requirements under SEBI SAST Regulations 2011

Important Dates

Specific dates for offer opening, closing, and settlement are not provided in the excerpt. Full details would be available in the complete Letter of Offer document.

Impact Assessment

For Shareholders:

  • Existing shareholders have an opportunity to exit at Rs. 10 per share
  • Change in control will occur, potentially affecting company’s management and strategic direction
  • Shareholders can consult stockbrokers or investment consultants before deciding to tender shares

For Company:

  • Change in control of Soma Papers and Industries Limited
  • New promoter group will hold significant stake post-offer
  • May lead to changes in management, business strategy, and operations

Market Impact:

  • High significance as this involves takeover and change in control
  • Trading activity in the stock may increase during offer period
  • Price discovery mechanism through open offer at Rs. 10 per share

Impact Justification

Mandatory open offer for 26% stake involving change in control of a listed company, significant event for existing shareholders who can tender shares at offer price