Sarda Proteins Limited is the subject of a mandatory open offer announced by Onix Renewable Limited and its persons acting in concert (PACs). The comprehensive offer seeks to acquire a significant stake in the renewable energy-focused company following a major corporate restructuring.

Open Offer Details and Structure

The open offer targets the acquisition of 17,30,400 fully paid-up equity shares of face value ₹10 each, representing 19.28% of the emerging voting share capital. The offer price has been set at ₹115 per share, resulting in a total consideration of ₹19,89,96,000 assuming full acceptance.

The offer size is restricted under Regulation 7(6) of the SEBI (SAST) Regulations, 2011, as it represents the shares held by eligible public shareholders rather than the standard 26% requirement.

Acquirer and PACs Profile

Onix Renewable Limited serves as the primary acquirer, supported by three PACs: Divyesh Mansukhbhai Savaliya (PAC 1), Piyush Mansukhbhai Savaliya (PAC 2), and Nikhil Hareshbhai Savaliya (PAC 3). The acquirer, incorporated in 2014 and converted to a public limited company in 2023, specializes in EPC (Engineering, Procurement, and Construction) work for ground-mounted solar projects.

The acquirer group's combined net worth exceeds ₹97 crore, with PAC 1 holding ₹37,720 lakhs, PAC 2 with ₹22,950.37 lakhs, and PAC 3 possessing ₹6,048.19 lakhs as of September 30, 2025.

Trigger Event and Background

The mandatory open offer was triggered following the conversion of 72,50,000 warrants into equity shares on March 18, 2026. This conversion increased the acquirer group's collective shareholding in Sarda Proteins Limited to 80.72%, necessitating the open offer under SEBI (SAST) Regulations.

The warrant conversion was approved by the Target Company's Board of Directors, with the warrants originally issued at ₹115 per warrant in April 2025. The conversion significantly altered the company's shareholding structure and triggered regulatory compliance requirements.

Target Company Overview

Sarda Proteins Limited, incorporated in 1991, operates in the renewable energy sector focusing on solar power generation equipment and infrastructure. The company is listed on BSE Limited with scrip code 519242 and trades under the symbol "SRDAPRT".

The company's authorized share capital stands at ₹13,00,00,000 divided into 1,30,00,000 equity shares of ₹10 each, with a paid-up capital of ₹1,72,59,000.

Offer Price Determination

The offer price of ₹115 per share was determined in accordance with SEBI (SAST) Regulations, representing the highest among various valuation parameters. This price matches the preferential issue price for warrant conversion and significantly exceeds the volume-weighted average market price of ₹72.84 for the 60 trading days preceding the public announcement.

Financial Arrangements and Timeline

The acquirer has established adequate financial arrangements through internal resources, with no external borrowing required. An escrow account has been opened with ₹4,97,40,000 deposited, representing more than 25% of the total offer consideration.

The offer will be implemented through BSE's stock exchange mechanism, with Mottal Oswal Financial Services Ltd serving as the buying broker. Grow House Wealth Management Private Limited acts as the manager to the open offer, while Skyline Financial Services Private Limited serves as the registrar.

The acquirer group intends to retain the listing status of Sarda Proteins Limited and has no immediate plans for delisting. Upon completion with full acceptance, the combined shareholding of the acquirer and PACs would reach 97.26% of the emerging voting share capital.

Sarda Proteins Limited is subject to an open offer announcement following a significant warrant conversion that has triggered regulatory obligations under SEBI takeover regulations. Onix Renewable Limited has filed the mandatory regulatory disclosure under Regulation 29(1) of SEBI (SAST) Regulations, 2011, confirming the substantial acquisition of shares.

Regulatory Disclosure Filing

Onix Renewable Limited submitted the disclosure to BSE Limited on March 19, 2026, one day after the actual acquisition date. The filing was signed by Director Divyesh Savaliya (DIN: 06464431) and addresses the substantial acquisition requirements under SEBI regulations.

Open Offer Details

Onix Renewable Limited (formerly Onix Structure Private Limited), along with persons acting in concert, has announced an open offer for acquisition of equity shares in Sarda Proteins Limited. The offer is being managed by Grow House Wealth Management Private Limited in compliance with SEBI (SAST) Regulations.

Transaction Background

The regulatory disclosure confirms that Onix Renewable Limited acquired 70,00,000 shares through preferential allotment upon conversion of warrants into equity shares on March 18, 2026. Prior to this acquisition, the acquirer held no shares in the target company, making this a complete fresh acquisition of 77.99% shareholding.

The share capital structure underwent significant transformation, with the total voting capital expanding from 17,25,900 shares (Rs 1,72,59,000) to 89,75,900 shares (Rs 8,97,59,000) post-conversion.

Acquirer Information

The acquisition group consists of Onix Renewable Limited as the primary acquirer. According to the regulatory filing, the acquirer does not belong to the existing promoter/promoter group of Sarda Proteins Limited. The company's shares are listed on Bombay Stock Exchange Limited under scrip code 519242.

Regulatory Compliance

The disclosure filing confirms compliance with SEBI (SAST) Regulations, 2011, following the substantial acquisition that crossed regulatory thresholds. The open offer obligation was triggered due to the acquisition of voting rights exceeding the prescribed limits under takeover regulations.

The target company Sarda Proteins Limited is incorporated under the Companies Act, 1956, with CIN L15142RJ1991PLC006353. The company's registered office is located at B-536-537, Matsya Industrial Area, Alwar, Rajasthan, 301030.