Onix Renewable Limited Launches Open Offer for Shares of Sarda Proteins Ltd at ₹115 Per Share
Onix Renewable Limited, alongside its associate Persons and Connected Parties (PACs), has initiated an open offer for equity shares of Sarda Proteins Limited. The acquisition aims to secure a stake constituting 19.28% of the Emerging Voting Share Capital of the target company.The Open Offer stipulates the purchase of 17,30,400 equity shares of Sarda Proteins Limited. These shares are offered at an Offer Price of ₹115.00 per Equity Share.
The Independent Directors Committee (IDC) of Sarda Proteins Limited provided a unanimous recommendation on June 08, 2026, regarding the offer. The IDC reviewed the transaction and affirmed that the Offer Price is at the negotiated acquisition price and higher than the volume weighed of the target company's shares, which stands at ₹72.94 per Equity Share.
The IDC members noted that none held any equity share or other securities of the Acquirer during the relevant period and that no member had traded in the Equity Shares or Securities of the Acquirer. Furthermore, the committee confirmed the offer price is fair and reasonable based on their review.
A summary of the parties involved in the transaction:
| Party | Role / Company Name |
|---|---|
| Target Company | Sarda Proteins Limited (SPL) |
| Acquirer & PACs | Onix Renewable Limited, Divyesh Mansukhbhai Savalya (PAC-1), Piyush Mansukhbhai Savalya (PAC-2), and Nikhil Hareshbhai Savaliya. |
| Manager to the Offer | Grow House Wealth Management Private Limited |
The IDC members advised that shareholders should independently evaluate the offer price, considering it is currently in line with the market parameters prescribed by regulatory guidelines for such acquisitions. The recommendation was unanimously approved by the Members of the IDC.
Stock Price Movement
As trading closed on Monday, shares of Sarda Proteins Ltd. settled at ₹93.13, ticking up by 4.99%. This strong finish occurred even though the stock was locked and trading completely flat throughout the session.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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