Sarda Proteins Limited has filed its quarterly compliance certificate with BSE Limited, fulfilling regulatory requirements under SEBI's depositories regulations. The submission, made on April 15, 2026, demonstrates the company's adherence to securities market compliance protocols.

Regulatory Compliance Filing

The company submitted a confirmation certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, to BSE Limited. Managing Director Chirag Thummar signed the filing, which was addressed to the General Manager of BSE Limited at P.J. Towers, Dalal Street, Mumbai.

Registrar Confirmation Certificate

MUFG Intime India Private Limited, the company's registrar and transfer agent, issued the confirmation certificate on April 14, 2026. The registrar confirmed that securities received from depository participants for dematerialization during the quarter ended March 31, 2026, were properly processed and confirmed to the depositories.

Swapank Naskar, Associate Vice-President & Head (North India) at MUFG Intime India, signed the certificate confirming compliance with prescribed procedures. The registrar verified that:

• Securities received for dematerialization were confirmed or rejected within prescribed timelines
• Security certificates were mutilated and cancelled after due verification by depository participants
• Depositories' names were substituted in the register of members as registered owners
• Securities comprised in the certificates have been listed on stock exchanges where earlier issued securities are listed

MUFG Intime India Details

MUFG Intime India Private Limited, formerly Link Intime India Private Limited, serves as the registrar and transfer agent. The company operates from Noble Heights, Janakpuri, New Delhi, and holds CIN U67190MH1999PTC118368.

This quarterly filing represents standard regulatory compliance for listed companies, ensuring transparency in securities dematerialization processes and maintaining accurate records of shareholding patterns through authorized registrar and transfer agents.

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.