Skybridge Interactive LLP revises Baba Arts open offer schedule to June 2026

Skybridge Interactive LLP has revised the schedule for its mandatory open offer to acquire up to 1,32,92,000 equity shares, representing 25.32% of the equity and voting share capital of Baba Arts Limited , at a price of ₹6.00 per share. The revised timeline, compliant with SEBI observations, sets the tendering period from Tuesday, June 09, 2026, to Monday, June 22, 2026. The maximum consideration for the offer, assuming full acceptance, aggregates to ₹7,97,52,000.

The offer is triggered by the acquirer's agreement to purchase a 74.67% stake from the existing promoter, Gordhan Prabhudas Tanwani, for ₹23,52,00,000. Consequently, the identified date for determining the list of public shareholders has been revised to Monday, May 25, 2026. Bonanza Portfolio Limited remains the Manager to the Offer, and Purva Sharegistry (India) Private Limited is the Registrar to the Offer.

Revised Schedule of Activities

The acquirer has adjusted the offer timeline following observations from SEBI. The last date for upward revision of the offer price and the publication of the opening announcement is now Monday, June 08, 2026. The letter of offer was dispatched to shareholders on Tuesday, June 02, 2026.

Parameter	Revised Date
Identified Date	Monday, May 25, 2026
Opening of Offer Announcement	Monday, June 08, 2026
Commencement of Tendering Period	Tuesday, June 09, 2026
Closing of Tendering Period	Monday, June 22, 2026
Last Date for Payment of Consideration	Tuesday, July 07, 2026

Financials and Risk Factors

Baba Arts Limited reported a profit after tax of ₹54.86 for the nine months ended December 25, 2026, compared to ₹143.84 for the financial year ended March 31, 2025. The company's net worth stood at ₹2675.82 as per the audited financial statements for FY25. A contingent liability regarding a service tax demand of ₹7,64,70,058 for FY 2011-12 to FY 2014-15 remains outstanding, against which the company has filed an appeal and deposited ₹57,35,255.

The letter of offer outlines several risk factors, including the potential reduction in public float to negligible levels, which could adversely impact liquidity. Additionally, the acquirer's designated partner, Mr. Devang Dinesh Master, was previously listed as a wilful defaulter in connection with Microcity India Limited, though the loan accounts have since been settled with 'No Dues' certificates.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.63%	-5.01%	-2.99%	+113.50%	+43.10%	-23.01%

Baba Arts Limited announced its audited standalone financial results for the quarter and year ended March 31, 2026. The board approved the results at its meeting held on May 21, 2026. The statutory auditors issued an unmodified opinion on the financial results, which were prepared in accordance with the Indian Accounting Standards (Ind AS).

Financial Performance

For the full year, the company reported total operating income of ₹1,594.52 lakh, a significant increase from ₹688.53 lakh in the previous year. Despite the revenue growth, net profit for the year declined to ₹65.30 lakh from ₹143.84 lakh in FY25, as total expenses rose sharply. Profit before tax for the year stood at ₹83.65 lakh, compared to ₹194.07 lakh previously.

The following table outlines the key financial metrics for the quarter and year ended March 31, 2026:

Particulars:	Quarter Ended 31.03.2026 (₹ in Lakh)	Quarter Ended 31.03.2025 (₹ in Lakh)	Year Ended 31.03.2026 (₹ in Lakh)	Year Ended 31.03.2025 (₹ in Lakh)
Net Sales/Income from Operations	515.82	289.74	1,494.75	558.88
Other Income	55.73	30.34	99.77	129.65
Total Operating Income	571.55	320.08	1,594.52	688.53
Total Expenses	560.71	260.04	1,510.87	494.46
Profit Before Tax	10.84	60.04	83.65	194.07
Net Profit	10.43	43.94	65.30	143.84
Total Comprehensive Income	9.69	40.45	64.34	140.02
Basic & Diluted EPS (₹)	0.020	0.084	0.124	0.274

Segment Performance

Segment revenue for the year was primarily driven by Digital Media Content, which contributed ₹1,292.22 lakh, compared to ₹374.34 lakh in the previous year. Trading in IPR of Film Rights reported revenue of ₹202.53 lakh against ₹184.54 lakh previously. The Digital Media Content segment reported a profit before tax and interest of ₹120.10 lakh for the year, while Trading in IPR of Film Rights recorded a loss before tax and interest of ₹88.98 lakh.

Segment:	Year Ended 31.03.2026 — Revenue (₹ in Lakh)	Year Ended 31.03.2025 — Revenue (₹ in Lakh)	Year Ended 31.03.2026 — PBT & Interest (₹ in Lakh)	Year Ended 31.03.2025 — PBT & Interest (₹ in Lakh)
Trading in IPR of Film Rights	202.53	184.54	(88.98)	24.89
Production of Films & TV Serials	—	—	(33.95)	—
Digital Media Content	1,292.22	374.34	120.10	44.81
Total	1,494.75	558.88	(2.83)	69.70

Assets and Liabilities

As of March 31, 2026, the company's total assets stood at ₹2,846.24 lakh, a decrease from ₹2,937.11 lakh in the previous year. Total equity increased to ₹2,740.17 lakh from ₹2,675.82 lakh, supported by share capital of ₹525.00 lakh and other equity of ₹2,215.17 lakh. Cash and cash equivalents increased significantly to ₹612.03 lakh from ₹22.28 lakh in the prior year, while inventories declined sharply to ₹98.60 lakh from ₹622.56 lakh.

Particulars:	As at March 31, 2026 (₹ in Lakh)	As at March 31, 2025 (₹ in Lakh)
Total Non-Current Assets	545.17	425.90
Total Current Assets	2,301.07	2,511.21
Total Assets	2,846.24	2,937.11
Total Equity	2,740.17	2,675.82
Total Non-Current Liabilities	39.75	20.61
Total Current Liabilities	66.32	240.68
Total Equity and Liabilities	2,846.24	2,937.11

Corporate Development

The company disclosed that Mr. Gordhan P. Tanwani, the Promoter of Baba Arts Limited, entered into a Share Purchase Agreement with Skybridge Interactive LLP on February 25, 2026. Under the agreement, the Promoter agreed to sell 3,92,00,000 equity shares of face value Re 1/- each, representing 74.68% of the equity and voting share capital of the company, to the acquirer at a price of ₹6/- per equity share payable in cash. The open offer process is currently in progress.