Esaar (India) Limited is the target of an open offer launched by Prabhat Capital Investments Limited, aiming to acquire a significant stake in the company. This move could potentially reshape Esaar's ownership structure.

Open Offer Details

Prabhat Capital Investments Limited has announced an open offer to acquire up to 53,15,050 equity shares of Esaar. This represents 26% of the company's fully paid-up voting share capital. The offer price has been set at Rs. 8.00 per share, with each share having a face value of Rs. 10.00.

Financial Terms

The open offer includes a provision for potential delays:

• Offer price: Rs. 8.00 per share
• Additional interest: 10% annual interest for delayed payments beyond the scheduled payment date

Regulatory Compliance

In compliance with the Securities and Exchange Board of India (SEBI) takeover regulations, the committee of independent directors of Esaar has submitted their advertisement regarding this open offer. The documentation was duly submitted to BSE Limited.

Public Disclosure

To ensure widespread awareness, the open offer advertisement was published in multiple newspapers:

• Financial Express (English Daily, all editions)
• Jansatta (Hindi Daily, all editions)
• Pratahkal (Marathi Daily, Mumbai edition)

Corporate Governance

Mrs. Dipti Shashank Yelve is serving as the Chairperson of the Committee of Independent Directors, overseeing the process and ensuring compliance with regulatory requirements.

Company Information

Esaar, the target company of this open offer, has the following corporate details:

• Corporate Identification Number: L67120MH1951PLC222871
• Registered Office: Shop No. 06, Prathamesh Avenue, Datta Mandir Road, Malad East, Mumbai, Maharashtra, India, 400097
• Corporate Office: 101, First Floor, Western Edge I, Western Express Highway, Borivali (East), Mumbai, Maharashtra, India, 400066
• Contact: +91-8104417080 / 8858498847
• Email: cs@esaar.in
• Website: www.esaar.in

This open offer represents a significant development for Esaar and its shareholders. Investors and market participants will be closely watching the outcome of this offer and its potential impact on the company's future direction.

Esaar (India) Limited , a company with roots dating back to 1951, has recently made significant announcements regarding its financial results and changes in its statutory auditors. The Board of Directors convened on August 23 to discuss and approve several important matters.

Financial Results

The Board of Directors approved the unaudited financial results for the quarter ended June 30. While specific financial figures were not disclosed in the available information, it's noteworthy that the newly appointed auditors issued an unmodified opinion on these quarterly financial results, indicating their satisfaction with the company's financial reporting.

Change in Statutory Auditors

Esaar (India) Limited has undergone a change in its statutory auditors. The key points of this transition are:

• Resignation: M/s. Sumit Ranka & Associates, the previous statutory auditors, resigned from their position effective August 11.

• New Appointment: The Board has appointed M/s. B.L. Dasharda & Associates, Chartered Accountants (Firm Registration Number: 112615W), as the new statutory auditors of the company.

• Term of Appointment: Subject to shareholder approval at the upcoming Annual General Meeting, the new auditors will serve for a term of 5 consecutive years.

• Audit Period: M/s. B.L. Dasharda & Associates will conduct audits for the financial years ending March 31, 2026, to March 31, 2030, spanning from the 73rd to the 78th Annual General Meeting.

About the New Auditors

M/s. B.L. Dasharda & Associates is described as a leading Chartered Accountancy and Business Advisory Firm. Their expertise includes:

• Providing distinctive professional services for businesses
• Specializing in audit, process outsourcing, valuation, and process improvement studies
• Holding a valid peer review certificate (No. 019705)

The appointment of M/s. B.L. Dasharda & Associates aligns with Esaar (India) Limited's commitment to maintaining high standards of financial reporting and transparency.

Corporate Governance

The company has adhered to regulatory requirements by making timely disclosures to the BSE Limited, where its shares are listed. These disclosures are in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board meeting, which commenced at 3:00 p.m. and concluded at 4:10 p.m. on August 23, marks a significant milestone in Esaar (India) Limited's corporate governance journey, reflecting its commitment to transparency and regulatory compliance.