Esha Media Research Limited's open offer has concluded with an unprecedented minimal response, highlighting the shareholders' reluctance to participate in the acquisition process. The offer, conducted under SEBI's takeover regulations, demonstrates a significant gap between proposed and actual market participation.

Open Offer Performance Summary

The open offer by Opulus Bizserve Private Limited for Esha Media Research Limited shares showed remarkable disparity between expectations and reality. Choice Capital Advisors Private Limited, serving as the manager to the offer, facilitated the process that ran for fifteen days in January 2026.

Shareholding Structure Changes

The acquirer's shareholding pattern reflects a complex structure involving multiple acquisition methods. Before the agreements and public announcement, Opulus Bizserve Private Limited held 18,24,421 shares representing 23.37% of the company's equity.

*Note: The sellers are yet to transfer 1,50,000 shares acquired by way of SPA to the Acquirer. The Company is yet to receive in-principle approval from BSE for the preferential allotment, hence 10,00,000 shares are yet to be allotted.

Regulatory Compliance and Timeline

The open offer process followed strict regulatory timelines as mandated by SEBI takeover regulations. The detailed public statement was initially published on August 13, 2025, in Financial Express, Jansatta, and Mumbai Lakshadweep newspapers.

Key Dates:

• Opening Date: Tuesday, January 13, 2026
• Closure Date: Wednesday, January 28, 2026
• Payment Date: Wednesday, February 04, 2026
• Post-Offer Advertisement: February 11, 2026

Public Shareholding Impact

The minimal response to the open offer resulted in negligible change to public shareholding. Pre-offer public shareholding stood at 37,70,110 shares (48.29%), which decreased marginally to 37,70,109 shares (42.80%) post-offer.

KFin Technologies Limited served as the registrar to the offer, while the entire process was conducted under the supervision of Choice Capital Advisors Private Limited. The post-offer advertisement has been published in compliance with Regulation 18(12) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The acquirer has accepted full responsibility for the information contained in the post-offer advertisement and compliance with SEBI obligations. Copies of the advertisement are available on SEBI, BSE Limited, and the company's registered office websites.

Esha Media Research Limited has announced a revision to its open offer schedule, extending the closure date to January 28, 2026, due to a public holiday declared in Mumbai. The corrigendum was issued by Choice Capital Advisors Private Limited, acting as the manager to the offer on behalf of acquirer Opulus Bizserve Private Limited.

Open Offer Details

The open offer targets the acquisition of up to 22,89,802 fully paid equity shares of face value ₹10.00 each, representing 26.00% of the company's emerging voting share capital on a fully diluted basis. The offer price remains fixed at ₹15.00 per equity share, payable in cash according to SEBI (SAST) Regulations.

Schedule Revision Due to Public Holiday

The Government of Maharashtra declared January 15, 2026, as a public holiday in Mumbai for BMC elections, necessitating the schedule revision. The key change affects the offer closing date, which has been moved from January 15, 2026, to January 28, 2026.

Revised Timeline

The updated schedule maintains most original dates while adjusting subsequent activities to accommodate the extended closure period:

Background and Regulatory Framework

The open offer follows a Share Purchase Agreement executed on August 06, 2025, between the acquirer and promoter group members Jyoti Mahadev Babar, Sakshi Samir Parab, and Shilpa Samir Parab. The sellers agreed to transfer 1,50,000 fully paid-up equity shares constituting 1.92% of the company's paid-up capital.

The target company's board authorized the issue and allotment of equity shares and convertible warrants to Opulus Bizserve Private Limited through preferential allotment, subject to shareholder approval. The detailed public statement was originally published on August 13, 2025, with the pre-offer advertisement published on January 12, 2026.

Eligibility and Participation

All equity shareholders of the target company, whether registered or unregistered, remain eligible to participate in the offer before closure, except the acquirer, sellers, promoters, and promoter group members. Shares under lock-in held by persons other than promoters cannot be tendered and will not be accepted if submitted.

The corrigendum emphasizes that the identified date of December 30, 2025, serves only to determine shareholders eligible to receive the Letter of Offer via email, while participation remains open to all qualifying shareholders until the offer closes.