In a significant development for Sri Adhikari Bros. Tele Network , Mr. Kurjibhai Premjibhai Rupareliya, along with Leading Leasing Finance and Investment Company Limited as Person Acting in Concert (PAC), has announced an open offer to acquire a substantial stake in the company.

Open Offer Details

The open offer aims to acquire 53,46,238 equity shares, representing 13.24% of the emerging voting share capital of Sri Adhikari Bros. Tele Network. The offer price has been set at ₹10.00 per share, aligning with the parameters prescribed by SEBI regulations.

Key Points of the Offer

• Acquirer: Mr. Kurjibhai Premjibhai Rupareliya
• Person Acting in Concert: Leading Leasing Finance and Investment Company Limited
• Target Company: Sri Adhikari Bros. Tele Network
• Offer Size: 53,46,238 equity shares (13.24% of emerging voting share capital)
• Offer Price: ₹10.00 per share
• Regulatory Framework: SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

Independent Directors' Recommendation

The Independent Directors Committee (IDC) of Sri Adhikari Bros. Tele Network has reviewed the open offer and provided their recommendations:

1. The offer price of ₹10.00 per equity share is in line with SEBI (SAST) Regulations, 2011.
2. The IDC believes the offer is fair and reasonable.
3. Shareholders are advised to independently evaluate the offer against the current market price before making a decision.

Offer Manager

Grow House Wealth Management Private Limited has been appointed as the manager to the offer. They can be contacted at:

• Address: A-606, Privilon, B/H. Iscon Temple, Ambli-Bopal Road, S.G. Highway, Ahmedabad-380054
• Tel: +91 79353 33132 / +91-79-35333682
• Email: takeover@growhousewealth.com
• Website: www.growhousewealth.com

Implications for Shareholders

This open offer provides an opportunity for Sri Adhikari Bros. Tele Network shareholders to sell their shares at a predetermined price. However, shareholders should carefully consider the offer price in relation to the current market price and their own investment goals before making a decision.

Investors and stakeholders of Sri Adhikari Bros. Tele Network should keep a close watch on further developments and announcements related to this open offer. As always, it is advisable to consult with financial advisors before making any investment decisions.

The open offer is subject to regulatory approvals and other conditions as specified in the detailed offer document. Shareholders are encouraged to read the full offer document for comprehensive information about the terms and conditions of the offer.

Sri Adhikari Bros. Tele Network Limited (SABTNL) has finalized the sale of its entire 35.68% stake in Westwind Realtors Private Limited (WRPL) to Sri Adhikari Brothers Assets Holding Private Limited (SABAHPL) for ₹18.20 crore. The transaction, which was completed on August 22, marks a significant move for the company as it divests its interests in the real estate subsidiary.

Transaction Details

The sale involved the transfer of premises shares and parking spaces across three floors of the Adhikari Chambers Building in Mumbai:

Corporate Governance and Approvals

The transaction, classified as a related party transaction, received necessary approvals through a postal ballot held on May 27, with results announced on June 27. This adherence to corporate governance protocols underscores SABTNL's commitment to transparency in its operations.

Impact on Corporate Structure

As a result of this divestment, Westwind Realtors Private Limited has ceased to be a subsidiary of SABTNL effective August 22. The company's shareholding in WRPL has now become 'Nil'.

Financial Implications

It's noteworthy that WRPL contributed nil turnover or revenue during the last financial year, as disclosed in the company's regulatory filings. This suggests that the sale may have minimal impact on SABTNL's ongoing operations and financial performance.

Regulatory Compliance

SABTNL has duly informed the stock exchanges about this development, complying with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided detailed disclosures as required by SEBI circulars, ensuring full transparency for its shareholders and the market at large.

This strategic move by Sri Adhikari Bros. Tele Network Limited appears to be part of its portfolio optimization efforts, potentially allowing the company to focus on its core media and entertainment business activities.