Sayaji Hotels (Indore) Limited , along with Persons Acting in Concert (PACs), has successfully completed an open offer to acquire a significant stake in Sayaji Hotels (Indore) Limited. The offer, which was conducted under SEBI regulations, has been confirmed as completed by the manager, Systematix Corporate Services Limited.

Open Offer Details

The open offer targeted the acquisition of up to 7,92,118 equity shares, representing 26% of Sayaji Hotels (Indore) Limited's equity share capital. The offer price was set at Rs. 1,250.00 per share, presenting a substantial opportunity for existing shareholders.

Reclassification of Shareholders

Following the completion of the open offer, a major change in the company's shareholding structure is set to take place. The acquirer and PACs will be reclassified from the 'Public' category to the 'Promoter and Promoter Group' category. This reclassification signifies a shift in the control and management structure of Sayaji Hotels (Indore) Limited.

New Promoter Group

The new promoter group will consist of the following entities and individuals:

1. Century 21 Officespace Private Limited (Promoter)
2. Century 21 Town Planners Private Limited (Promoter)
3. Mr. Gurjeet Singh Chhabra (Promoter)
4. Print Solutions Private Limited (Promoter Group)
5. Mrs. Prabjot Kaur Chhabra (Promoter Group)
6. Mr. Karan Singh Chhabra (Promoter Group)
7. Mrs. Riya Chhabra (Promoter Group)
8. M.P. Entertainment and Developers Private Limited (Promoter Group)

Administrative Changes

Sayaji Hotels (Indore) Limited has informed the Central Depository Services (India) Limited (CDSL) and MUFG Intime India Private Limited, the Registrar and Share Transfer Agent, to implement the necessary changes in shareholder categorization. This step ensures that the company's records accurately reflect the new ownership structure.

Compliance and Transparency

The completion of this open offer demonstrates Sayaji Hotels (Indore) Limited's commitment to regulatory compliance and transparency. The company has duly informed the BSE Limited about the offer's completion and the subsequent changes in shareholder classification, adhering to the disclosure requirements for listed entities.

This strategic move by Century 21 Officespace Private Limited and its PACs could potentially bring new perspectives and resources to Sayaji Hotels (Indore) Limited, possibly influencing the company's future direction and growth strategies in the hospitality sector.

Sayaji Hotels (Indore) Limited has announced a postal ballot for shareholders to vote on three key resolutions, signaling significant changes in the company's governance structure and board composition. The e-voting period is set to run from September 16 to October 16, 2025.

Amendments to Articles of Association

The first resolution seeks approval for amendments to the company's Articles of Association (AOA). These changes aim to align the AOA with a shareholders' agreement between existing and incoming promoters, following a recent change in the company's shareholding structure.

Key amendments include:

• Introduction of new definitions for "Existing Promoters" and "Incoming Promoters"
• Modifications to share transfer restrictions
• Changes in board composition and nomination rights
• Introduction of right of first offer, tag-along, and drag-along rights
• Establishment of a list of reserved matters requiring mutual consent

The proposed changes establish equal board representation rights for existing and incoming promoters, with each group entitled to nominate two directors.

Appointment of New Directors

The second and third resolutions propose the appointment of Mr. Karan Singh Chhabra and Mrs. Riya Chhabra as Non-Executive Non-Independent Directors. Both appointments are part of the incoming promoters' nomination rights following the completion of an open offer.

Mr. Karan Singh Chhabra

• Age: 32
• Experience: Over 10 years in real estate, rental business, and mall management
• Current role: Managing three malls in Indore
• Additional expertise: Hotel management

Mrs. Riya Chhabra

• Age: 36
• Experience: More than 12 years in the real estate sector
• Focus: Operations and management of commercial properties, including malls and hotels

Voting Process

• Voting method: Electronic
• Start date: September 16, 2025, at 9:00 AM IST
• End date: October 16, 2025, at 5:00 PM IST
• Results announcement: Within seven days from the last day of voting

These proposed changes reflect a significant shift in Sayaji Hotels (Indore) Limited's corporate structure and governance, potentially impacting the company's future direction and decision-making processes.