Simandhar Impex Letter of Offer Submitted to SEBI and BSE for Open Offer Process
Navigant Corporate Advisors has submitted the comprehensive Letter of Offer document to SEBI and BSE for Farmico International's mandatory open offer to acquire 7,75,310 equity shares (25.36%) of Simandhar Impex Limited at Rs. 30 per share. The offer opens April 20 and closes May 4, 2026, with Rs. 60 lakh deposited in escrow and maximum consideration of Rs. 2.32 crore.
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Navigant Corporate Advisors Limited has submitted the comprehensive Letter of Offer to SEBI and BSE Limited for Farmico International Private Limited's mandatory open offer to acquire shares in Simandhar Impex Limited. The submission, dated April 6, 2026, marks a significant milestone in the acquisition process that was initially announced in January.
Open Offer Structure and Timeline
The open offer involves Farmico International Private Limited acquiring up to 7,75,310 equity shares of Simandhar Impex Limited at Rs. 30.00 per fully paid-up equity share of Rs. 10.00 each. This acquisition represents 25.36% of the fully paid-up and voting share capital of the target company.
| Parameter: | Details |
|---|---|
| Acquirer: | Farmico International Private Limited |
| Target Company: | Simandhar Impex Limited (BSE Code: 544662) |
| Shares to Acquire: | 7,75,310 equity shares |
| Share Value: | Rs. 10.00 each |
| Offer Price: | Rs. 30.00 per share |
| Percentage of Capital: | 25.36% |
| Maximum Consideration: | Rs. 2,32,59,300 |
Revised Schedule Implementation
The Letter of Offer confirms the implementation of the revised schedule that was previously announced through a corrigendum. The offer will open on Monday, April 20, 2026, and close on Monday, May 4, 2026, with payment of consideration scheduled for May 18, 2026.
| Activity: | Revised Date |
|---|---|
| Letter of Offer Dispatch: | April 10, 2026 |
| Offer Opening: | April 20, 2026 |
| Offer Closure: | May 4, 2026 |
| Payment of Consideration: | May 18, 2026 |
| Final Report Submission: | May 25, 2026 |
Financial Arrangements and Compliance
Farmico International has deposited Rs. 60.00 lakh in an escrow account with ICICI Bank Limited, which exceeds 25% of the offer consideration as required by SEBI regulations. The acquirer has confirmed adequate financial resources to complete the transaction, with a certified net worth of Rs. 301.00 lakh as of January 6, 2026.
The offer is being conducted through BSE's acquisition window mechanism, with Allwin Securities Limited appointed as the buying broker and Bigshare Services Private Limited serving as the registrar to the offer.
Strategic Objectives and Future Plans
Upon completion of the offer and the Share Purchase Agreement, Farmico International will acquire control of Simandhar Impex Limited and become the new promoter. The acquirer intends to grow the business and may diversify into other areas with prior shareholder approval while maintaining the company's listing status on BSE Limited.
What specific diversification areas is Farmico International considering for Simandhar Impex's business expansion?
How might this acquisition affect Simandhar Impex's stock price and trading volumes post-completion?
Will Farmico International pursue additional share purchases beyond the mandatory 25.36% to increase its stake further?
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