The open offer for SRM Energy Limited by acquirers Umesh Narpatchand Sanghvi and Sapna Sanghvi has concluded with significantly lower participation than anticipated. The post-offer advertisement published on March 16, 2026, reveals that only 189 equity shares were tendered against the targeted acquisition of 23,55,600 shares.

Open Offer Results

The open offer, which ran from February 11 to February 25, 2026, aimed to acquire up to 26.00% of SRM Energy's equity share capital at ₹4.00 per share. However, the actual response was minimal, with shareholders tendering only 189 shares representing 0.002% of the company's equity.

Acquisition Structure and Holdings

Prior to the open offer, the acquirers had already secured 64,50,000 equity shares (71.19%) through Share Purchase Agreements. The open offer was conducted to comply with SEBI SAST regulations following this substantial acquisition.

Shareholding Pattern Impact

The minimal response to the open offer means the public shareholding in SRM Energy remains largely unchanged. Public shareholders continue to hold 26,09,811 shares, representing 28.81% of the company's equity capital, compared to the pre-offer holding of 26,10,000 shares.

Regulatory Compliance

The post-offer advertisement was published in Financial Express (English), Jansatta (Hindi), Pratabhakal (Marathi), and Pratakhiran (Hindi) on March 16, 2026, as required under Regulation 18(12) of SEBI SAST Regulations. Sobhagya Capital Options Private Limited served as the Manager to the offer, while MCS Share Transfer Agent Limited acted as the Registrar.

Company Information

SRM Energy Limited, incorporated in 1985 with CIN L17100DL1985PLC303047, operates from its registered office in New Delhi. The company's shares are listed on BSE Limited under the scrip code SRMENERGY/523222, with a total equity base of 90,60,000 shares of ₹10 face value each.

SRM Energy Limited has announced the immediate resignation of its secretarial auditors M/s S K Nirankar & Associates, effective March 16, 2026. The development comes following the completion of a takeover process and the company's acquisition by new management.

Resignation Details and Regulatory Compliance

The company informed BSE Limited of the resignation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resignation letter was submitted on March 16, 2026, with the auditors citing the new management's decision to explore alternative secretarial audit services.

Management Transition Impact

According to the resignation letter from S K Nirankar & Associates, the decision stems from the completion of the takeover process and resultant acquisition by new management. The outgoing auditors confirmed in their resignation letter that the new management is exploring another firm of practicing company secretaries to act as secretarial auditors.

The resigning firm, led by proprietor Satish Kumar Nirankar (C.P. No. 19993, Membership No. F9605), confirmed there are no other reasons for the resignation except as stated. They have also conveyed no objection to the appointment of any replacement secretarial auditor.

Next Steps and Board Considerations

SRM Energy's audit committee and board will consider the appointment of new secretarial auditors in due course. The company has committed to informing stakeholders accordingly once the new appointment is finalized. Managing Director Umesh Narpatchand Sanghvi (DIN: 00467579) signed the regulatory disclosure, ensuring compliance with SEBI Master Circular dated July 11, 2023.

The company has provided all required disclosures under Schedule III of the SEBI Listing Regulations, maintaining transparency throughout the transition process. This change represents part of the broader management transition following the recent acquisition of the company.