Description

Open offer by Shankar Varadharajan and Anancha Perumal Selvi Keshav along with PACs to acquire up to 26% of expanded equity share capital of Soma Papers and Industries Limited at Rs. 10 per share.

Summary

Shareholders of Soma Papers and Industries Limited have received a Letter of Offer for an open offer made by Mr. Shankar Varadharajan and Mr. Anancha Perumal Selvi Keshav (Acquirers), along with three Persons Acting in Concert (PACs) - Mr. Rohan Ramaswamy, Mr. Subramanyam Venkatesh, and Mr. Seethapathi Vignesh. The offer is made pursuant to Regulations 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, to acquire up to 4,26,58,200 equity shares representing 26% of the expanded equity and voting share capital at Rs. 10 per equity share.

Key Points

  • Offer to acquire up to 4,26,58,200 equity shares of Rs. 10/- each (26% of expanded equity share capital)
  • Offer price: Rs. 10/- (Rupees Ten only) per share
  • Made pursuant to SEBI SAST Regulations 3(1) and 4 for substantial acquisition accompanied with change in control
  • Offer is not conditional upon any minimum level of acceptance
  • No statutory approvals required as on date of Letter of Offer
  • Not a competing offer; no competing offer or revision of offer price as on date
  • Target Company registered office: S No.18, 3rd Floor, B Block, Win Win Hub, JNTU Hi Tech City Main Road, Madhapur, Hyderabad, Telangana - 500081

Regulatory Changes

Not applicable - this is a takeover offer disclosure pursuant to existing SEBI SAST Regulations, 2011.

Compliance Requirements

  • Shareholders must review the Letter of Offer and accompanying Form of Acceptance-cum-acknowledgement and Transfer Deed
  • Shareholders who have sold their shares should hand over the Letter of Offer to the stock exchange member through whom the sale was effected
  • Shareholders accepting the offer must tender shares through the prescribed process
  • Acquirers and PACs 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 extracted content portion. Shareholders should refer to the complete Letter of Offer for detailed timeline.

Impact Assessment

High Impact on Shareholders: This open offer triggers a change in control of Soma Papers and Industries Limited. Existing shareholders have the opportunity to exit at the offer price of Rs. 10 per share or remain invested under new controlling shareholders. The 26% acquisition represents a substantial stake that will significantly influence the company’s management and strategic direction. Shareholders need to evaluate the offer price against current market price and company fundamentals to make an informed decision. The offer is unconditional and not subject to minimum acceptance levels, providing certainty of execution if shareholders tender their shares.

Impact Justification

Mandatory open offer for 26% stake acquisition with change in control under SEBI SAST Regulations requires immediate shareholder attention and decision-making