PH Capital Limited has received the Detailed Public Statement (DPS) from Aditya Himmat Bhansali's merchant banker regarding the mandatory open offer, marking the next phase in the acquisition process that will see the company change hands at ₹206.66 per share.

Detailed Public Statement Receipt

The company disclosed on December 30 that it received the DPS dated December 29 from Choice Capital Advisors Private Limited, the merchant banker representing acquirer Aditya Himmat Bhansali. This follows the public announcement made on December 20 regarding the open offer.

Open Offer Structure and Timeline

The mandatory open offer targets 7,80,026 equity shares representing 26.00% of PH Capital's voting share capital at ₹206.66 per share. The offer follows Bhansali's acquisition of 21,81,200 shares (72.70% stake) from existing promoters.

Regulatory Timeline

The DPS outlines a comprehensive timeline for the open offer process, with key milestones extending into early 2026:

Acquirer Profile and Financial Arrangements

Aditya Himmat Bhansali, a 45-year-old lawyer and founding partner of Mindspright Legal, has established robust financial arrangements for the acquisition. His net worth stands at ₹69.34 crores as certified by chartered accountants.

Offer Implementation Mechanism

The open offer will be implemented through BSE's stock exchange mechanism via a separate acquisition window. Choice Equity Broking Private Limited has been appointed as the buying broker, while Bigshare Services Private Limited serves as the registrar.

Shareholding Transformation

Upon completion, the transaction will result in a complete change of control. The seven selling promoter entities, including Rikeen P. Dalal-HUF, Sejal Rikeen Dalal, and Ruby Multimedia Pvt Ltd, will transfer their complete holdings. Bhansali's maximum potential shareholding could reach 98.70% assuming full acceptance of the open offer.

The offer price of ₹206.66 per share was determined as the highest among various pricing parameters under SEBI regulations, including the negotiated price for the underlying share purchase agreement and volume-weighted average market prices.

P.H. Capital Limited , a company engaged in trading of shares and securities, has announced its financial results for the second quarter and half-year ended September 30, 2025. The company reported a significant shift in its performance compared to the previous quarter, reflecting the volatile nature of the stock market.

Key Financial Highlights

Quarterly Performance

P.H. Capital experienced a challenging second quarter, reporting a net loss of Rs 89.94 lakh, a stark contrast to the net profit of Rs 700.13 lakh in the previous quarter. The total revenue from operations stood at Rs 3,120.26 lakh, showing a significant decrease from the first quarter's revenue of Rs 5,799.63 lakh.

Half-Yearly Results

For the half-year period ended September 30, 2025, the company recorded a net profit of Rs 610.19 lakh, compared to Rs 1,248.99 lakh in the corresponding period last year. This represents a year-on-year decline of about 51% in net profit for the first half of the fiscal year.

Balance Sheet Strengthening

Despite the quarterly loss, P.H. Capital's balance sheet showed signs of strengthening:

• Total assets increased to Rs 6,389.04 lakh as of September 30, 2025, from Rs 6,339.75 lakh in March 2025.
• Cash and cash equivalents rose significantly to Rs 3,583.23 lakh from Rs 170.92 lakh, indicating improved liquidity.

Management Review

The financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 13, 2025.

Market Context

As a company primarily engaged in trading shares and securities, P.H. Capital's performance is closely tied to stock market conditions. The volatility in quarterly results may reflect the broader market trends and trading opportunities during the period.

Conclusion

While P.H. Capital faced headwinds in Q2 FY2026, the overall half-yearly performance remains positive, albeit lower than the previous year. The significant increase in cash and cash equivalents suggests that the company may be well-positioned to capitalize on future market opportunities.