Smart Services Private Limited has revised the schedule for its open offer to acquire an additional 25% stake in Sharp India Limited . The acquirer is offering to purchase up to 64,86,000 equity shares at a price of ₹10 per share, representing 25.00% of the fully paid-up equity and voting share capital of the target company. The revision follows the substantial acquisition of 1,94,58,000 equity shares, representing a 75% stake, which was completed on June 2, 2026, pursuant to a Share Purchase Agreement dated April 14, 2026.

Navigant Corporate Advisors Limited submitted the Letter of Offer to SEBI on June 4, 2026, on behalf of Smart Services Private Limited. The document updates the timeline for various offer-related activities, including the opening and closing dates of the offer, following the receipt of SEBI's observation letter no. HO/49/12/11(54)2026-CFD-RAC-DCR2/1/12668/2026 dated May 29, 2026. The detailed public statement was originally published in various newspapers, including Financial Express, Jansatta, Navshakti, and Loksatta, on April 21, 2026.

Revised Offer Schedule

The following table outlines the revised dates for the key activities associated with the open offer:

The original schedule had the offer opening on June 8, 2026, and closing on June 19, 2026. The identified date for determining the names of shareholders eligible to receive the Letter of Offer is June 2, 2026. All owners of equity shares of the target company, excluding the acquirer and the seller or promoter, are eligible to participate in the offer any time before the closure of the offer.

Sharp India Limited has reported audited financial results for the quarter and year ended March 31, 2026, recording a net loss of ₹2,419.89 lakh for the full year. This represents a widening of losses compared to the previous year's loss of ₹1,928.71 lakh. The board of directors approved the results at a meeting held on May 14, 2026, and the results were subsequently published in the Financial Express (all editions) and Loksatta (Pune edition) on May 15, 2026, pursuant to Regulation 30 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company continued to report zero revenue from operations for the quarter and year ended March 31, 2026, as production activities have ceased since FY 2015-16. Total income for the year stood at ₹3.81 lakh, derived entirely from other income. Total expenses for the year increased to ₹2,206.83 lakh from ₹1,932.34 lakh in the previous year, driven primarily by finance costs and employee benefit expenses.

Financial Performance

The following table presents the key financial metrics across reporting periods. The loss for the quarter ended March 31, 2026, was reported at ₹569.03 lakh, compared to a loss of ₹589.71 lakh in the quarter ended December 31, 2025, and a loss of ₹457.13 lakh in the corresponding quarter of the previous year. The company recorded an exceptional item of ₹216.87 lakh for the year, relating to the provision towards the reinstatement of borrowings at their settlement value. This charge arose due to the reassessment of the company's financial position under the 'not going concern' basis of accounting.

Auditor's Emphasis and Going Concern Status

M/s. G. D. Apte & Co, the statutory auditors, provided an unmodified opinion on the financial results. However, the audit report included an emphasis of matter paragraph noting that the company is not considered a going concern entity. Consequently, financial results from the quarter and half-year ended September 30, 2025, have been prepared on a 'not going concern' basis. Assets have been measured at the lower of their estimated net realizable value and carrying amount, while liabilities are stated at settlement amounts.

The accumulated losses of the company as of March 31, 2026, amounted to ₹19,077.65 lakh, resulting in the complete erosion of net worth. Despite the cessation of operations, the company continues to receive financial and operational support from its holding company, Sharp Corporation, Japan. Sharp Corporation has provided a letter of support, reaffirming its commitment to extend such support until the date on which its entire shareholding in the company is transferred to Smart Services Private Limited in accordance with the Share Purchase Agreement (SPA) dated April 14, 2026.

Post-Balance Sheet Events

Significant events occurred after the balance sheet date. On April 14, 2026, Sharp Corporation, Japan, entered into a Share Purchase Agreement (SPA) with Smart Services Private Limited to sell its entire 75% shareholding in Sharp India Limited for an aggregate consideration of ₹19.45 crore. The transaction is subject to the fulfilment of conditions precedent and regulatory approvals.

Additionally, the holding company has assigned external commercial borrowings of ₹15.84 crore to Unbounded Opportunities Fund SPC, Cayman Islands. Fellow subsidiaries have also assigned outstanding loans to Kripa Anand Rishi Cellular Private Limited, Pune. These assignments are contingent upon the completion of the SPA and requisite regulatory formalities.