Sita Enterprises has undergone a significant change in ownership as Jitendra Rasiklal Sanghavi successfully completed an open offer, acquiring a substantial stake in the company. This acquisition marks a notable shift in the company's ownership structure and control.

Key Highlights of the Open Offer

• Acquisition Details: Sanghavi now holds 21,52,933 equity shares, representing 71.76% of Sita Enterprises' total share capital.
• Share Purchase Agreement: 21,00,000 shares were acquired through a Share Purchase Agreement dated December 24, 2024.
• Open Offer Response: An additional 52,933 shares were tendered during the open offer period.
• Offer Price: The open offer was priced at Rs. 92.50 per share, including interest for payment delays.
• Tendering Period: The offer ran from July 18, 2025, to July 31, 2025.
• Payment Date: Payments to shareholders were made on August 6, 2025.

Open Offer Details

The open offer targeted 7,50,000 shares, representing 25% of Sita Enterprises' share capital. However, only 52,933 shares were tendered, indicating a response level of 0.07 times the offer size. This low response suggests that most public shareholders chose to retain their stakes in the company.

Shareholding Structure Changes

The acquisition has led to significant changes in Sita Enterprises' shareholding pattern:

Compliance with Regulations

Despite the substantial acquisition by Sanghavi, Sita Enterprises remains compliant with the minimum public shareholding requirements. The public shareholding post-acquisition stands at 28.24%, above the mandatory 25% threshold for listed companies.

Market Response

The open offer appears to have had a positive impact on Sita Enterprises' stock price. On the date of the tendering period's commencement (July 18, 2025), the stock was trading at Rs. 163.60. By August 14, 2025, ten working days after the tendering period's conclusion, the stock price had risen to Rs. 194.30, representing a significant increase.

Conclusion

The successful completion of this open offer marks a new chapter for Sita Enterprises. With Jitendra Rasiklal Sanghavi now holding a controlling stake, investors and market watchers will be keen to observe any potential changes in the company's strategy or operations in the coming months.

Sita Enterprises Limited, a non-deposit taking Non-Banking Finance Company, has reported a significant increase in its financial performance for the first quarter. The company's net profit jumped by 76.8% year-over-year, accompanied by a substantial rise in total income.

Financial Highlights

• Net profit for Q1 stood at Rs 198.13 lakhs, up from Rs 112.07 lakhs in the same quarter last year.
• Total income increased to Rs 213.76 lakhs from Rs 150.43 lakhs, marking a 42.1% growth year-on-year.
• Earnings per share (EPS) for the quarter reached Rs 6.60, compared to Rs 3.74 in Q1 of the previous year.

Key Financial Metrics

The company's performance shows a robust growth trajectory, with significant improvements across key financial parameters.

Operational Performance

Sita Enterprises maintained its focus on investment and financing activities during the quarter. The company's revenue from operations, which includes interest income, dividend income, and net gain on fair value changes, contributed significantly to the total income.

Corporate Developments

In a notable corporate development, Sita Enterprises completed an open offer. This followed a share purchase agreement where Mr. Jitendra Rasiklal Sanghvi acquired 21 lakh equity shares (7% of the issued capital) from specified promoters. The company received approval from the Reserve Bank of India for the transfer of shareholding and control.

Audit Opinion

The statutory auditors, M/s. Patel Shah & Joshi, Chartered Accountants, issued an unmodified opinion on the quarterly financial results. This reflects positively on the company's financial reporting and compliance standards.

Management Commentary

Ashok Tulsyan, Whole Time Director of Sita Enterprises Limited, stated, "Our strong first-quarter results demonstrate the resilience of our business model and the effectiveness of our strategic initiatives. We remain committed to delivering value to our shareholders while maintaining prudent financial management."

Sita Enterprises Limited continues to operate as a Non-Systemically Important Non-Deposit taking Non-Banking Finance Company registered with the Reserve Bank of India. The company's board of directors approved these financial results in their meeting.

As the company moves forward, it aims to capitalize on its strong financial position and explore growth opportunities in the investment and financing sector.