Acquirers Announce Open Offer for Colinz Laboratories Ltd., Targeting 26% Stake in Target Company
The proposed open offer targets a stake of up to 26% in the equity of Colinz Laboratories Limited. The offering involves three individuals, Annjana Dugar, Likhitta Dugar, and Antariksh Dugar (collectively referred to as "Acquirers"), along with Padam Dugar acting as the Person Acting in Concert (PAC).The Acquirers and PAC have issued a public announcement regarding the open offer. The offer aims to acquire up to 6,54,966 fully paid-up equity shares of Colinz Laboratories Limited. These shares, which have a face value of ₹ 10 each, are being offered at a price of ₹ 54 per Equity Share.
If fully accepted, the total consideration payable by the Acquirers and PAC under the open offer will amount to ₹ 3,53,68,164/- (Rupees Three Crore Fifty Three Lakhs Sixty Eight Thousand One Hundred Sixty Four Only). The payment for the shares in the open offer will be made in cash.
Underlying Transaction Details
The open offer is a triggered offer stemming from a Share Purchase Agreement signed between the Acquirers and Vijaya Mani, who serves as the selling shareholder. Under this agreement, the Acquirers agreed to acquire 8,70,500 Equity Shares of Colinz Laboratories Limited, which constitutes 34.56% of the Total Voting Share Capital of the Target Company.The acquisition of these shares is valued at ₹ 4,35,25,000/- and will be settled in cash.
Details regarding the underlying transaction are provided below:
| Type of Transaction | Number of Shares | % Voting Share Capital | Total Consideration (in ₹) | Mode of Payment |
|---|---|---|---|---|
| Direct acquisition from Vijaya Mani | 8,70,500 | 34.56% | 4,35,25,000/- | Cash |
Stakeholder Structure and Ownership Details
The Acquirers and PAC have held pre-transaction interests in the Target Company, which increased upon the completion of the underlying transaction.Table summarizing the holdings of Acquirers and PAC before the open offer:
| Party | Pre Transaction Shares (No.) | % Voting Share Capital |
|---|---|---|
| Annjana Dugar (Acquirer 1) | 40,000 | 1.59% |
| Likhitta Dugar (Acquirer 2) | 11,000 | 0.44% |
| Antariksh Dugar (Acquirer 3) | 11,000 | 0.44% |
| Padam Dugar (PAC) | 3,16,000 | 12.54% |
| Total | 3,78,000 | 15.01% |
Following the acquisition of shares related to the underlying transaction, the combined holding of the Acquirers and PAC is projected to be 12,48,500 Equity Shares (excluding those acquired through the current open offer), representing 49.56% of the Voting Share Capital.
Table detailing post-transaction holding before open offer:
| Party | Post Transaction Shares (No.) | % Voting Share Capital |
|---|---|---|
| Annjana Dugar (Acquirer 1) | 5,54,500 | 22.01% |
| Likhitta Dugar (Acquirer 2) | 1,89,000 | 7.50% |
| Antariksh Dugar (Acquirer 3) | 1,89,000 | 7.50% |
| Padam Dugar (PAC) | 3,16,000 | 12.54% |
Target Company and Selling Shareholder Information
Colinz Laboratories Limited is listed exclusively on BSE Limited under Scrip Code: 531210. The company's registered office is located at A-101, Pratik Industrial Estate in Mumbai, Maharashtra.Vijaya Mani, a promoter of the Target Company, held pre-transaction shares totaling 8,70,500 Equity Shares, equivalent to 34.56% of the Voting Share Capital. Upon completion of the underlying transaction, Vijaya Mani will cease to hold any equity shares in Colinz Laboratories Limited and will be reclassified from a Promoter to the public category.
Stock Price Movement
Colinz Laboratories Ltd shares settled at ₹59.22 today, finishing up a solid 1.67% higher. During trading hours, the stock fluctuated considerably, trading between an intraday low of ₹55.35 and a high of ₹60.90.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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