Karronn Naresh Bajaj Launches Open Offer for Mitshi India Ltd Shares at ₹15 Per Share
Mr. Karronn Naresh Bajaj has announced a significant open offer to acquire shares of Mitshi India Limited, alongside an underlying acquisition of promoter equity, aiming to gain a stake in the company. The comprehensive transaction includes the acquisition of up to 22,88,000 equity shares through the public market and securing 15.57% ownership through a private sale agreement with the existing selling shareholders.The Open Offer is being managed by Srujan Alpha Capital Advisors LLP. Under this offer, Mr. Karronn Naresh Bajaj intends to acquire up to 22,88,000 Equity Shares of Mitshi India Limited (the Target Company), representing 26.00% of the total voting share capital. The Offer Price for these public shares is set at ₹15 per fully paid-up equity share, with payment to be made in cash.
The overall acquisition includes an underlying transaction where Mr. Bajaj will acquire 13,70,070 Equity Shares from two promoter sellers: Kumar V Shah and Deepa Kumar Shah. This portion of the deal amounts to 15.57% of the Total Voting Share Capital. The consideration for these privately acquired shares is ₹2,05,51,050/- (Rupees Two Crore Five Lakh Fifty One Thousand Fifty Only), priced at ₹15 per share.
The combined acquisition through both the open offer and the private sale has the potential to see Mr. Bajaj hold over 41% of the Target Company’s voting capital upon full subscription of the public offering.
Transaction and Shareholding Details
| Acquisition Type | Party Involved | Shares Acquired (Number) | Percentage Held | Price per Share |
|---|---|---|---|---|
| Open Offer | Mr. Karronn Naresh Bajaj | Up to 22,88,000 | Up to 26.00% | ₹15/- (Cash) |
| Underlying Transaction | Mr. Kumar V Shah & Mrs. Deepa Kumar Shah | 13,70,070 | 15.57% | ₹15/- (Cash) |
Acquirer and Selling Shareholders Details
The following table outlines the involvement of the acquirer and the selling shareholders in this transaction:| Party | Role | Pre-Transaction Shares | Post-Transaction Acquisition |
|---|---|---|---|
| Mr. Karronn Naresh Bajaj | Acquirer (Open Offer) | Nil | 22,88,000 shares (up to 26.00%) |
| Kumar V Shah & Deepa Kumar Shah | Selling Shareholders | 13,70,070 | NIL (after transaction) |
The selling shareholders, identified as Mr. Kumar V Shah and Mrs. Deepa Kumar Shah, hold a total of 13,70,070 shares, constituting 15.57% of the Total Voting Share Capital. The Acquirer, Mr. Karronn Naresh Bajaj, reported Nil pre-transaction shareholding in Mitshi India Limited.
The open offer is not conditional upon any minimum level of acceptance and does not constitute a competitive bid. Details regarding the complete transaction are expected to be published in a Detailed Public Statement (DPS) within five working days of this announcement.
Stock Price Movement
At the close of trade today, Mitshi India Ltd shares settled at ₹14.51, ticking up 0.62%. The stock traded within an intraday band ranging from a low of ₹14.30 to a high of ₹15.00.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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