The Indian Clearing Corporation Limited (ICCL), via BSE Notice No. 20260410-36 dated 10 April 2026, has announced the settlement schedule for the Offer to Buy through the Acquisition Window under Takeover (SEBI Substantial Acquisition of Shares and Takeovers) regulations for Aspira Pathlab & Diagnostics Limited.

Key Points

• Notice issued by ICCL under the Settlement/RMS category for the General segment.
• The circular pertains to the Offer to Buy – Acquisition Window mechanism used in open offers/takeovers.
• Aspira Pathlab & Diagnostics Limited is the target company for this acquisition window activity.
• No attachments are included with this notice; settlement schedule details are contained within the notice itself.

Regulatory Changes

No new regulatory changes are introduced. This notice operates under the existing SEBI (Substantial Acquisition of Shares and Takeovers) Regulations framework, which mandates the use of the stock exchange acquisition window for open offer purchases.

Compliance Requirements

• Trading members and custodians must adhere to the settlement schedule as prescribed by ICCL for the Offer to Buy transactions in Aspira Pathlab & Diagnostics Limited.
• Participants tendering shares must ensure timely submission and settlement as per the notified schedule.
• ICCL will handle the clearing and settlement of all transactions executed through the acquisition window.

Important Dates

• Notice Date: 10 April 2026
• Specific settlement dates (pay-in/pay-out) for the acquisition window would be detailed within the full notice schedule issued by ICCL.

Impact Assessment

This notice has a focused, company-specific impact limited to shareholders and trading members dealing in Aspira Pathlab & Diagnostics Limited shares. Market participants holding or intending to tender shares in the open offer must comply with the settlement timeline. Broader market impact is minimal as this is a routine procedural notice for a single-scrip takeover acquisition window.

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

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.