Switching Technologies Gunther Limited faces a significant ownership change as three acquirers launch a mandatory open offer under SEBI regulations, while the company simultaneously files regulatory disclosures showing current shareholding patterns.

Open Offer Details

The acquirers are making an open offer to purchase up to 6,37,000 equity shares representing 26% of the total share capital at Rs. 66.00 per fully paid equity share. The offer price represents a premium to the negotiated price but trades below the current market price.

Share Purchase Agreement

The open offer follows a share purchase agreement dated January 24, 2026, between the acquirers and Guenther America INC. Under this agreement, the acquirers will purchase 9,22,000 equity shares representing 37.63% of the target company's paid-up capital.

SEBI Regulatory Disclosure

Switching Technologies Gunther Limited filed disclosure under SEBI Substantial Acquisition Regulations on April 8, 2026, revealing current shareholding patterns as of March 31, 2026. The disclosure shows Gunther America Inc. maintains significant control over the company.

Acquirer Background

BBU Enterprises Private Limited was incorporated on May 23, 2022, with a net worth of Rs. 245.48 lakhs as certified on January 14, 2026. The company operates in wholesale trading of iron, steel, and metal products.

Touristas Horizons Private Limited was incorporated on September 08, 2023, with a net worth of Rs. 246.04 lakhs. The company operates as a package tour operator and travel agent.

Nikhil Pujari is an individual acquirer with an MBA in Marketing and a certified net worth of Rs. 209.87 lakhs as of January 23, 2026. He serves as a director in both acquiring companies.

Business Transformation Plans

The acquirers intend to significantly change the target company's business model. Currently, Switching Technologies Gunther Limited manufactures and trades advanced switching products including reed switches, proximity sensors, and ball switches.

Post-acquisition, the acquirers plan to:

• Shift from switching products to food processing business
• Manufacture, process, trade, import and export food products
• Focus on beverages, dairy, bakery, confectionery, and FMCG products
• Establish food processing units in India and abroad

Financial Position and Arrangements

The total fund requirement for the open offer amounts to Rs. 4,20,42,000 assuming full acceptance. The acquirers have deposited Rs. 1,52,00,000 in an escrow account with Axis Bank Limited, representing more than 25% of the total consideration as required under SEBI regulations.

Regulatory Compliance

The open offer complies with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The offer is unconditional and not subject to any minimum acceptance level. D & A Financial Services (P) Limited serves as the manager to the offer, while Beetal Financial & Computer Services Pvt Limited acts as the registrar. The company's shares trade on BSE Limited with scrip code 517201.

D&A Financial Services (P) Limited has issued a corrigendum to the detailed public statement regarding the open offer to shareholders of Switching Technologies Gunther Limited. The corrigendum addresses key schedule changes and updated financial information for the ongoing acquisition process under SEBI (SAST) Regulations 2011.

Revised Open Offer Timeline

The most significant changes involve the schedule of activities for the open offer. The identified date has been moved from March 6, 2026 to March 30, 2026, with corresponding adjustments to subsequent milestones.

The identified date serves to determine public shareholders eligible to receive the Letter of Offer, though all public shareholders remain eligible to participate until the tendering period closes.

Acquirer Details

The open offer is being conducted by three acquirers: BBU Enterprises Private Limited and Touristas Horizons Private Limited, both registered in West Bengal, and Mr. Nikhil Pujari, a resident of Rajasthan. Both corporate acquirers maintain their registered offices at 6th Floor Unit No.-6 Infinity Benchmark, Block EP & GP, Sector V, Salt Lake, West Bengal.

Updated Financial Performance

The corrigendum includes revised financial information for Switching Technologies Gunther Limited, showing the company's recent performance trajectory.

The financial statements for the nine months ended December 31, 2025 are subject to limited review by statutory auditor M/s V.V. Kale & Company, Chartered Accountants, who certified the financial information on March 25, 2026.

Shareholding Structure Updates

The corrigendum also clarifies the shareholding patterns for both acquiring entities. Each acquirer company shows promoter holdings of 2499990 shares representing 99.99% ownership, with minimal non-promoter holdings of 10 shares representing 0.01% each, totaling 2500000 shares per entity.

Regulatory Compliance

D&A Financial Services (P) Limited, serving as Manager to the Offer, has published the corrigendum in compliance with Regulation 14 of SEBI (SAST) Regulations 2011. The document was published across multiple newspapers including Financial Express, Jansatta, Chennai edition of Makkal Prathinithi, and Mumbai edition of Mumbai Lakshadweep to ensure broad shareholder awareness. The corrigendum is also available on SEBI's official website for public access.