Description

Open offer by Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi to acquire 26% of voting share capital of SRM Energy Limited at ₹4 per share pursuant to SEBI SAST Regulations.

Summary

Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi (collectively the Acquirers) have initiated an open offer to acquire 23,55,600 fully paid-up equity shares of SRM Energy Limited, representing 26% of the voting share capital. The offer price is ₹4 per equity share (face value ₹10) payable in cash. This offer is made pursuant to Regulations 3(1) and (4) of SEBI (SAST) Regulations, 2011 for substantial acquisition of shares/voting rights accompanied with change in control and management of the target company.

Key Points

  • Acquirers: Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi
  • Target Company: SRM Energy Limited (CIN: L17100DL1985PLC303047)
  • Offer Size: 23,55,600 equity shares (26% of voting share capital)
  • Offer Price: ₹4 per fully paid-up equity share of face value ₹10
  • Payment Mode: Cash
  • Offer Type: Not conditional upon minimum level of acceptance per Regulation 19(1)
  • Not a competing offer under Regulation 20 of SEBI (SAST) Regulations
  • Tendered shares cannot be withdrawn once acceptance is submitted
  • No statutory approvals currently required; subject to any future approvals if applicable

Regulatory Framework

This open offer is made under Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 as amended (SEBI SAST Regulations), specifically under Regulations 3(1) and (4) dealing with substantial acquisition of shares/voting rights with change in control and management.

Compliance Requirements

  • Public shareholders of SRM Energy Limited can tender their shares during the tendering period
  • Shareholders must submit Form of Acceptance cum acknowledgement and Transfer Deed
  • Once shares are tendered with requisite documents, acceptance cannot be withdrawn
  • Acquirers may revise offer price and/or size before commencement of last working day before tendering period starts
  • Any revisions or withdrawal would be announced in same newspapers as original Detailed Public Statement

Target Company Details

  • Company Name: SRM Energy Limited
  • CIN: L17100DL1985PLC303047
  • Registered Office: Room No. 2, Ground Floor, 1A, Mall Road, Shanti Kunj, Vasant Kunj, New Delhi 110070
  • Contact: +91 11 45768283
  • Email: info@srmenergy.in
  • Website: www.srmenergy.in

Acquirer Details

Acquirer 1:

  • Name: Mr. Umesh Narpatchand Sanghvi
  • Email: caumeshsanghvi@gmail.com
  • Contact: +91 9892109882
  • Address: 1101, Aaditya Enclave, 18th Floor, Flat No. 1801, 12th Khetwadi Back Road, Khetwadi, Mumbai-400004, Maharashtra, India

Acquirer 2:

  • Name: Mrs. Sapna Sanghvi
  • Email: reyousapna@gmail.com
  • Contact: +91 9867314744
  • Address: 1101, Aaditya Enclave, 18th Floor, Flat No. 1801, 12th Khetwadi Back Road, Khetwadi, Mumbai-400004, Maharashtra, India

Important Dates

  • Letter of Offer Date: 2026-02-09
  • Tendering Period: To be announced in detailed public statement
  • Upward revision in offer price/size possible until last working day before tendering period commencement

Impact Assessment

Control Impact: This open offer involves a change in control and management of SRM Energy Limited, representing a significant corporate restructuring event.

Shareholder Impact: Public shareholders holding 26% of the voting capital have an opportunity to exit at the offer price of ₹4 per share. The offer is not conditional on minimum acceptance, providing certainty to tendering shareholders.

Market Impact: High impact transaction as it involves takeover and change in management of a listed company. The mandatory open offer protects minority shareholder interests as required under SEBI SAST Regulations.

Regulatory Significance: This transaction demonstrates compliance with SEBI’s takeover regulations ensuring fair treatment of public shareholders during change of control transactions.

Impact Justification

Mandatory open offer involving change in control and management of the target company affecting 26% of voting share capital