Description
An open offer is made by five acquirers and a PAC to public shareholders of Aspira Pathlab & Diagnostics Limited at Rs. 55 per share to acquire up to 26,76,180 equity shares (26% of total voting share capital), open from April 15 to April 28, 2026.
Summary
BSE has notified trading members and custodians of an open offer for Aspira Pathlab & Diagnostics Limited (Target Company) under the SEBI mechanism for acquisition of shares through stock exchanges pursuant to tender offers. Five acquirers along with a Person Acting in Concert (PAC) seek to acquire up to 26% of the total voting share capital at Rs. 55 per equity share, payable in cash, constituting a change of control transaction under SEBI (SAST) Regulations, 2011.
Key Points
- Acquirers: Mr. Arvind Karsandas Bhanushali, Mrs. Deepali Arvind Bhanushali, Mr. Jay Arvind Bhanushali, Mr. Nikunj Velji Mange, and Mr. Raj Arvind Bhanushali (collectively, “Acquirers”)
- PAC: Mrs. Shraddha Nikunj Mange
- Target Company: Aspira Pathlab & Diagnostics Limited
- Offer Price: Rs. 55/- (Rupees Fifty-Five Only) per equity share, payable in cash
- Shares Targeted: Up to 26,76,180 equity shares (26% of total voting share capital)
- Face Value: Rs. 10/- per equity share
- Trigger Regulation: Regulation 3(1) of SEBI (SAST) Regulations, 2011 – substantial acquisition of shares/voting rights with change in control
- Offer Window: Wednesday, April 15, 2026 to Tuesday, April 28, 2026
- Letter of Offer is attached with the notice for review by market participants
Regulatory Changes
No new regulatory changes are introduced. The offer operates under the existing framework:
- SEBI circular no. CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015
- SEBI circular no. CFD/DCR2/CIR/P/2016/131 dated December 09, 2016
- BSE notice no. 20170210-16 dated February 10, 2017
- BSE notice no. 20190424-35 dated April 24, 2019
- BSE notice no. 20200528-32 dated May 28, 2020
- BSE notice no. 20201102-43 dated November 02, 2020
- BSE notice no. 20210825-62 dated August 25, 2021 (Revised Guidelines)
Compliance Requirements
- Trading Members and Custodians must note the open offer details and facilitate participation as per the Revised Guidelines for acquisition through stock exchange tender-offer mechanism.
- Offer to Buy details are available on the BSE website at www.bseindia.com.
- All participants must adhere to SEBI (SAST) Regulations, 2011 and the BSE Revised Guidelines for processing tendered shares.
- The Letter of Offer attached to the notice must be reviewed by all market participants for full terms and conditions.
Important Dates
| Event | Date |
|---|---|
| Notice Date | April 09, 2026 |
| Offer Opens | April 15, 2026 (Wednesday) |
| Offer Closes | April 28, 2026 (Tuesday) |
Impact Assessment
This open offer has a high impact on shareholders and market participants involved with Aspira Pathlab & Diagnostics Limited. Public shareholders are eligible to tender their shares at Rs. 55/- per share during the offer window. The transaction represents a change of control event, which typically has significant implications for the company’s governance and future direction. Trading members and custodians must be prepared to process tender instructions within the April 15–28, 2026 window in accordance with BSE and SEBI guidelines. Investors holding shares in Aspira Pathlab & Diagnostics Limited should review the Letter of Offer to make an informed decision on participation.
Impact Justification
This is a significant open offer under SEBI (SAST) Regulations involving change of control of a listed company. Public shareholders of Aspira Pathlab & Diagnostics Limited are directly impacted by the offer window and pricing, requiring immediate attention from trading members, custodians, and investors.