Sita Enterprises Limited , a company listed on the BSE, has witnessed a significant change in its ownership structure following a large off-market transaction. The promoter group, led by Ashok Kumar Tulsyan, has sold a substantial portion of their holdings, reducing their stake from 75% to 5% of the company's total equity.

Transaction Details

The off-market sale involved the transfer of 21,00,000 shares of Sita Enterprises Limited. This transaction was executed in accordance with a Share Purchase Agreement (SPA) dated December 24, 2021, highlighting a pre-planned divestment strategy by the promoter group.

Key Sellers

The major sellers in this transaction included:

• Ashok Kumar Tulsyan
• Ashok Tulsyan HUF
• Saras Commerce LLP
• Bombay Mercantile & Leasing Company Limited

Shareholding Changes

The following table illustrates the changes in shareholding for key members of the promoter group:

Impact on Ownership Structure

This transaction has led to a dramatic shift in the company's ownership structure:

• The promoter group's total shareholding decreased from 75% to 5% of the company's equity.
• Ashok Kumar Tulsyan's personal holding reduced from 5.25% to 1.93%.
• Ashok Tulsyan HUF, Saras Commerce LLP, and Bombay Mercantile & Leasing Company Limited completely exited their positions.

Company Capital

Despite this significant change in ownership, Sita Enterprises Limited's equity share capital remains unchanged at Rs. 3 crore, consisting of 30 lakh equity shares with a face value of Rs. 10 each.

The company has duly informed the BSE Limited about this transaction, complying with the disclosure requirements under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

This major stake reduction by the promoter group could potentially lead to changes in the company's management and strategic direction. Investors and market watchers will likely be keen to observe any subsequent developments in Sita Enterprises Limited's operations and performance following this significant ownership shift.

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.