Open Offer Details: Acquisition of Equity Shares in Rikhav Securities Limited
Sobhagya Capital Options Private Limited has announced an Open Offer for the acquisition of equity shares in Rikhav Securities Limited. The offer is being made by a consortium of Acquirers and Persons Acting in Concerts (PACs) following a mandatory acquisition obligation.The Open Offer targets up to 99,55,920 fully paid up equity shares of the Target Company, each having a face value of INR 5. These shares represent 26% of the Target Company's total Voting Share Capital.
The Offer is priced at INR 47.75 per Offer Share. Should the Open Offer be fully accepted, the total consideration payable by the Acquirers and PACs is expected to be INR 47,53,95,180 (Rupees Forty-Seven Crore Fifty Three Lakhs and Ninety Five Thousand One Hundred Eighty Only). The entire consideration is payable in cash.
Underlying Triggering Transaction
The mandatory Open Offer was triggered by the Acquirers and PACs undertaking market purchases of equity shares in Rikhav Securities Limited. These acquisitions resulted in the collective shareholding of the Acquirers (part of the promoter group) exceeding the permissible 5% threshold under SEBI regulations, thus breaching the creeping acquisition limit.The total market purchases of equity shares aggregated a consideration not exceeding INR 12,75,44,576.
The market purchases undertaken by the Acquirers and their associated entities were as follows:
| Acquirer | Shares Acquired | Percentage of Issued Capital | Consideration (INR) |
|---|---|---|---|
| B D Lakhani (Acquirer 1) | 7,90,400 | 2.06% | 3,11,33,209 |
| B N Lakhani (Acquirer 2) | 9,26,400 | 2.42% | 3,62,46,597 |
| H D Lakhani (Acquirer 3) | 9,66,400 | 2.52% | 3,77,85,552 |
| N D Lakhani (Acquirer 4) | 5,68,000 | 1.48% | 2,24,78,836 |
Details of Acquirers and PACs
The Acquirers and PACs, which form part of the promoter and promoter group of Rikhav Securities Limited, maintained their joint control over the Target Company following these acquisitions. The Open Offer obligation was triggered following the increased voting rights and shareholding of the Acquirers, bringing their collective holdings to 32,51,200 equity shares.The cumulative shareholdings of the key parties involved prior to and after the transactions are detailed below:
| Party | Name | Pre-Transaction Shareholding (No. & %) | Post-Transaction Shareholding (No. & %) |
|---|---|---|---|
| Acquirer 1 | B D Lakhani | - | 7,90,400 (2.06%) |
| Acquirer 2 | B N Lakhani | - | 9,26,400 (2.42%) |
| Acquirer 3 | H D Lakhani | - | 9,66,400 (2.52%) |
| Acquirer 4 | N D Lakhani | - | 5,68,000 (1.48%) |
| PAC 1 | Hitesh Himmatlal Lakhani | 24,69,720 (6.45%) | 24,69,720 (6.45%) |
| PAC 2 | Deep Hitesh Lakhani | 22,89,960 (5.98%) | 22,89,960 (5.98%) |
| PAC 3 | Vaishali Rajendra Shah | 19,77,876 (5.17%) | 19,77,876 (5.17%) |
| PAC 4 | Bharti Hitesh Lakhani | 15,83,760 (4.14%) | 15,83,760 (4.14%) |
Note: The Open Offer is a triggered offer and is not subject to any minimum level of acceptance.
Stock Price Movement
At the close of trading on Tuesday, Rikhav Securities Ltd settled at ₹50.10, shedding 3.09% for the day. Shares traded within a notable range, moving between a low of ₹49.00 and a high of ₹50.80.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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