NewsCorporate ActionsWallet Circle Technologies Launches Open Offer for 25.89% Stake in Alchemist CorporationWallet Circle Technologies Launches Open Offer for 25.89% Stake in Alchemist Corporation
Wallet Circle Technologies Limited has announced an open offer to acquire up to 25.89% (12,72,133 equity shares) of Alchemist Corporation Limited's total voting share capital at ₹16.00 per share. The offer targets public shareholders and is managed by Saffron Capital Advisors Private Limited. A reminder advertisement was published in multiple newspapers. The offer complies with SEBI regulations and may impact Alchemist Corporation's stock price in the short term.
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Wallet Circle Technologies Limited has announced an open offer to acquire up to 25.89% of Alchemist Corporation Limited's total voting share capital, as per a recent corporate announcement.
Key Details of the Open Offer
- Offer Size: Up to 12,72,133 equity shares
- Offer Price: ₹16.00 per share
- Target: Public shareholders of Alchemist Corporation Limited
- Manager to the Offer: Saffron Capital Advisors Private Limited
Offer Specifics
The open offer targets 25.89% of Alchemist Corporation's total voting share capital, specifically aimed at shares held by public shareholders. This percentage is slightly lower than the typical 26% threshold for open offers under SEBI regulations, likely due to the current public shareholding structure of the company.
Reminder Advertisement
A reminder advertisement for this open offer was published in multiple newspapers:
- Financial Express (English) - All editions
- Jansatta (Hindi) - All editions
- Pratahkal (Marathi) - Mumbai edition
Regulatory Compliance
The open offer is being conducted in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Saffron Capital Advisors Private Limited, as the manager to the offer, has submitted the necessary documentation to the stock exchanges.
Implications for Shareholders
Public shareholders of Alchemist Corporation now have the opportunity to tender their shares at ₹16.00 per share. This offer provides an exit option for investors who wish to liquidate their holdings at a predetermined price.
Market Impact
The announcement of this open offer may impact the stock price of Alchemist Corporation in the short term. Investors and market analysts will likely closely monitor the acceptance rate of this offer and its potential impact on the company's ownership structure.
Shareholders and potential investors are advised to carefully review the offer documents and seek independent financial advice before making any decisions regarding their holdings in Alchemist Corporation Limited.
Note: The open offer is subject to regulatory approvals and other conditions as detailed in the offer documents.
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