Description

Open offer by Ankit Jalan and Anuj Jalan along with PACs to acquire shares of Sanmitra Commercial Limited pursuant to SEBI Takeover Regulations.

Summary

Letter of Offer issued for an Open Offer by Mr. Ankit Jalan and Mr. Anuj Jalan (Acquirers), along with six Persons Acting in Concert (PACs) - Mrs. Manju Jalan, Mrs. Radhika Jalan, Mrs. Prachi Jalan, Mrs. Ritu Jalan, Ms. Divyanshi Jalan, and Mr. Daivik Jalan - to acquire shares of Sanmitra Commercial Limited. The offer is made pursuant to Regulations 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Key Points

  • Acquirers: Mr. Ankit Jalan (37 years) and Mr. Anuj Jalan (35 years), both resident Indians
  • Persons Acting in Concert: Six PACs including Mrs. Manju Jalan, Mrs. Radhika Jalan, Mrs. Prachi Jalan, Mrs. Ritu Jalan, Ms. Divyanshi Jalan, and Mr. Daivik Jalan
  • Target Company: Sanmitra Commercial Limited (SCL), registered office at 13, Prem Niwas 652, Dr. Ambedkar Road, Khar (West), Mumbai, Maharashtra, 400052
  • Regulatory Framework: SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • Contact Details: Company phone: +91-22-22821087, Email: sanmitracommercial@ymail.com, Website: www.sanmitracommercial.com
  • Letter of Offer sent to all existing shareholders with Form of Acceptance-cum-acknowledgement and Transfer Deed

Regulatory Changes

No regulatory changes announced. This is a standard open offer process under existing SEBI Takeover Regulations, 2011.

Compliance Requirements

  • For Shareholders: Review the Letter of Offer and accompanying documents carefully
  • Action Required: Shareholders may consult stockbrokers, investment consultants, Manager, or Registrar to the Offer for clarifications
  • Recent Sellers: If shares were recently sold, shareholders should hand over the Letter of Offer and accompanying forms to the Stock Exchange member through whom the sale was effected
  • Response: Shareholders need to submit Form of Acceptance-cum-acknowledgement and Transfer Deed if accepting the offer

Important Dates

No specific dates mentioned in this excerpt of the Letter of Offer. The complete offer document would contain detailed timelines including offer opening date, closing date, and settlement schedules.

Impact Assessment

High Impact on Shareholders: This open offer represents a significant corporate action that provides an exit opportunity for existing shareholders of Sanmitra Commercial Limited. The acquisition by the Jalan family members (acquirers and PACs) indicates a potential change in control or consolidation of shareholding. Shareholders must carefully evaluate the offer price and terms before deciding whether to tender their shares. The mandatory open offer under SEBI Takeover Regulations protects minority shareholder interests by providing them an opportunity to exit at a fair price during change of control scenarios.

Impact Justification

Major corporate action - open offer for takeover affecting all shareholders of Sanmitra Commercial Limited under SEBI Takeover Regulations