In a recent development in the Indian stock market, Sunil Kumar Shahi's open offer for SER Industries Limited (ISIN: INE358F01013) has concluded with minimal participation from public shareholders. The offer, which ran from August 20, 2025, to September 03, 2025, was part of a larger acquisition strategy that has reshaped the company's ownership structure.

Open Offer Details

Shahi had made an open offer to acquire up to 26% of SER Industries Limited's voting share capital from public shareholders at a price of ₹35.00 per share. This offer was triggered following his agreement to purchase a substantial 55.30% stake from the company's promoters through a Share Purchase Agreement (SPA).

Public Response

Despite targeting 2,57,294 shares, the open offer received a tepid response from the public:

• Only 300 shares were tendered by public shareholders
• None of the tendered shares were accepted

Shareholding Structure Post-Offer

The outcome of the open offer and the SPA transaction has led to a significant shift in SER Industries Limited's shareholding pattern:

Future Plans

Following the completion of the Share Purchase Agreement transaction, Shahi intends to apply for reclassification as a promoter of SER Industries Limited. This move is in line with Regulation 31A (10) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Management of the Offer

The open offer was managed by Swaraj Shares and Securities Private Limited, acting as the Manager to the Offer. The company, with its principal place of business in Mumbai, oversaw the entire process from the initial public announcement to the post-offer public announcement.

Company Background

SER Industries Limited, a public limited company incorporated under the Companies Act, 1956, has its registered office in Bangalore, Karnataka. The company, with the Corporate Identification Number L60231KA1963PLC004604, operates in the industrial sector.

This development marks a significant change in the ownership structure of SER Industries Limited, with Sunil Kumar Shahi emerging as the majority shareholder. The minimal response to the open offer suggests that most public shareholders have chosen to retain their stakes in the company, possibly indicating confidence in the company's future prospects under the new ownership.

In a significant development for SER Industries Limited, Mr. Sunil Kumar Shaha has announced an open offer to acquire up to 2,57,294 shares, representing 26% of the company's voting share capital, from public shareholders at Rs. 35.00 per share. This move follows a Share Purchase Agreement dated May 22, 2025, marking a potential shift in the company's ownership structure.

Key Details of the Open Offer

• Offer Size: Up to 2,57,294 shares (26% of voting share capital)
• Offer Price: Rs. 35.00 per share
• Total Consideration: Rs. 90,05,290.00 (assuming full acceptance)
• Manager to the Offer: Swaraj Shares and Securities Private Limited

Background of the Acquisition

The open offer comes on the heels of a Share Purchase Agreement executed on May 22, 2025. Under this agreement, Mr. Sunil Kumar Shaha agreed to purchase 5,21,545 shares, representing 52.70% of the voting share capital, from existing selling promoter shareholders at Rs. 35.00 per share. The total value of this initial acquisition amounts to Rs. 1,82,54,075.00.

Selling Promoter Shareholders

The existing selling promoter shareholders include:

1. M/s Narendra Goel HUF
2. Ms. Savita Goel
3. Mr. Varun Goel
4. Mr. Anirudh Goel
5. Mr. Aditya Goel
6. Ms. Ridha Goel
7. Mr. Siddhant Goel
8. Mr. Narendra Goel
9. M/s H. G. Cargocare Limited

Regulatory Compliance

The open offer is being made in compliance with Regulations 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, including subsequent amendments.

Committee of Independent Directors' Recommendations

As required by SEBI regulations, the Committee of Independent Directors of SER Industries Limited has published their recommendations regarding the offer. These recommendations were published on Monday, August 18, 2025, in various newspapers including Financial Express (English daily), Jansatta (Hindi daily), Mumbai Lakshadeep (Marathi daily), and Prajavani (Kannada Daily).

Implications for Shareholders

This open offer provides an opportunity for public shareholders of SER Industries Limited to tender their shares at Rs. 35.00 per share. Shareholders are advised to carefully consider the offer details and the recommendations of the Independent Directors before making their decision.

The announcement of this open offer and the preceding share purchase agreement signify a potential change in the control and management of SER Industries Limited. Stakeholders and market observers will be keenly watching how this development unfolds and its impact on the company's future direction.