The open offer for Tejassvi Aaharam Limited, initiated by a group of acquirers, has concluded with the acceptance of only one equity share. The offer, managed by Saffron Capital Advisors Private Limited, was made pursuant to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The acquirers included Prasanna Natarajan, Rajat Chakra Credit & Holdings Private Limited, Sipping Spirits Private Limited, and Saranga Investments & Consultancy Private Limited, along with Rajalakshmi Natarajan as the Person Acting in Concert (PAC).

The offer aimed to acquire up to 70,00,000 equity shares of ₹10 each for cash at a price of ₹10 per share, aggregating up to ₹7 crore. This represented 12.04% of the emerging voting share capital of the target company on a fully diluted basis. The offer opened on April 28, 2026, and closed on May 12, 2026, with the date of payment of consideration scheduled for May 20, 2026.

Offer Outcome

According to the Post Offer Advertisement, the actual response from public shareholders was minimal. While the offer size was proposed at ₹7,00,00,000 assuming full acceptances, the actual amount paid was ₹10. Only one equity share was tendered in dematerialized form and subsequently accepted by the acquirers.

Shareholding Details

The acquirers, along with the PAC, held Nil shares prior to the agreements. The offer was triggered by a proposed preferential issue of 4,21,97,154 equity shares, which was pending approval from BSE Limited at the time of the offer. Consequently, the post-offer shareholding of the acquirers and the PAC remained negligible, with only one share acquired through the open offer.

The public shareholding pre-offer stood at 70,00,000 shares, representing 100% of the existing voting share capital. Following the open offer, the public shareholding was recorded at 69,99,999 shares, representing 12.04% of the emerging voting share capital. The remaining shares are proposed to be allotted to other shareholders of the transferor company via a preferential issue, subject to regulatory approvals.

Tejassvi Aaharam Limited's Committee of Independent Directors has published its recommendation regarding the mandatory open offer by multiple acquirers to acquire up to 70,00,000 equity shares from public shareholders. The recommendation was published on April 24, 2026, across multiple newspapers following the committee meeting held on April 22, 2026.

Open Offer Details

The open offer is being made by four acquirers working in concert: Prasanna Natarajan (Acquirer 1), Rajat Chakra Credit & Holdings Private Limited (Acquirer 2), Sipping Spirits Private Limited (Acquirer 3), and Saranga Investments & Consultancy Private Limited (Acquirer 4), together with Rajalakshmi Natarajan acting as Person Acting in Concert (PAC).

Independent Directors Committee Recommendation

The Committee of Independent Directors, comprising Chinnathambi Vinothkumar (Chairman) and Thangavelu Dhana Lakshmi (Member), unanimously approved their recommendation after reviewing all relevant documents including the Public Announcement dated February 13, 2026, and Letter of Offer dated April 17, 2026.

Key Findings and Recommendation

The IDC noted that the equity shares are not frequently traded and the offer price aligns with the highest negotiated price for the preferential issue. However, they cautioned shareholders that the company's shares are currently trading on BSE at a price higher than the ₹10 offer price.

Regulatory Compliance and Publication

The recommendation was published on April 24, 2026, in multiple newspapers as required under Regulation 26(7) of SEBI (SAST) Regulations, 2011:

Underlying Transaction Structure

The open offer is triggered by a proposed preferential issue where Tejassvi Aaharam Limited will issue 5,11,62,204 fully paid-up equity shares through a share swap arrangement for acquiring 100% equity of Funk Foods Private Limited (FFPL). Upon completion, the acquirers and PAC will collectively hold 72.55% of the emerging voting share capital.

Professional Services

Saffron Capital Advisors Private Limited serves as the Manager to the Offer, while the transaction involves established escrow arrangements and regulatory compliance mechanisms. The IDC confirmed that its members have no relationships with the acquirers and have not traded in the company's securities during the relevant periods.

The committee's recommendation provides shareholders with an independent assessment to make informed decisions regarding participation in the open offer, emphasizing the importance of evaluating current market prices against the offer price.