Sreeram Reddy Vanga has announced a mandatory open offer for Photon Capital Advisors Limited (Photon) under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The comprehensive offer document outlines the acquisition strategy and regulatory compliance framework for the proposed transaction.

Open Offer Details

The mandatory open offer targets the acquisition of up to 7,11,000 fully paid-up equity shares having face value of ₹10.00 each, representing 26.13% of the emerging voting capital of Photon Capital Advisors Limited. The offer price has been set at ₹115.00 per equity share, payable in cash, with the total consideration aggregating to ₹8,17,65,000.

Transaction Timeline

The offer follows a structured timeline with key milestones established for regulatory compliance. The tendering period is scheduled to commence on March 17, 2026 and conclude on April 02, 2026. The public announcement was made on January 20, 2026, with the detailed public statement published on January 28, 2026.

Underlying Transactions

The acquirer has entered into a Share Purchase Agreement with the promoters and promoter group sellers to acquire 9,97,000 equity shares representing 36.65% of the emerging voting capital. The total purchase consideration for this acquisition amounts to ₹11,46,55,000, which has been paid at the time of agreement execution.

Simultaneously, the board of directors of Photon Capital Advisors Limited approved a preferential issue on January 20, 2026. This includes the proposed allotment of 12,07,000 equity shares and 19,90,000 convertible warrants to the acquirer and non-promoters at ₹115.00 per security.

Acquirer Profile

Sreeram Reddy Vanga, aged 47 years and resident of Hyderabad, serves as the acquirer for this transaction. He holds a Bachelor of Science in Electrical Engineering from Purdue University, USA, and brings approximately 20 years of experience in technology, digital platforms, online gaming, and IT-enabled services. His certified net worth stands at ₹48,980.23 lakhs as of January 16, 2026.

Financial Arrangements

The acquirer has established firm financial arrangements to support the open offer obligations. A cash escrow account has been opened with Yes Bank Limited containing ₹3,00,00,000, representing 36.69% of the maximum consideration payable. The financial arrangements have been certified as adequate by chartered accountants to meet the full obligations under the offer.

Target Company Overview

Photon Capital Advisors Limited, incorporated on December 31, 1983, operates as an advisor and consultant providing management advisory services. The company's equity shares are listed on BSE Limited under the symbol "PHOTON" with ISIN INE107J01016. The current paid-up equity share capital stands at ₹1,51,36,940 comprising 15,13,694 equity shares of ₹10.00 face value each.

The acquirer intends to expand the existing business operations and diversify into advanced AI-native and data-driven business verticals. The strategic plan includes investments in technology infrastructure, software platforms, data assets, and intellectual property, along with potential strategic acquisitions in technology, IT, ITES, digital, and financial services sectors.

Mark Corporate Advisors Private Limited has published the Detailed Public Statement (DPS) for an open offer by Mr. Sreeram Reddy Vanga to acquire shares in Photon Capital Advisors Limited, while TVS Credit Services Limited reported its quarterly financial results.

Open Offer for Photon Capital Advisors

Mark Corporate Advisors Private Limited, acting as Manager to the Open Offer, published the DPS on January 28, 2026, in compliance with SEBI (SAST) Regulations, 2011. The statement was published across multiple newspapers including Business Standard (English and Hindi editions), Navshakti (Marathi), and Nava Telangana (Telugu).

Acquisition Details

Mr. Sreeram Reddy Vanga, a 47-year-old technology professional with 20 years of experience, is making an open offer to acquire up to 7,11,000 fully paid-up equity shares of Photon Capital Advisors Limited. The key parameters of the offer include:

Transaction Structure

The open offer follows Vanga's Share Purchase Agreement dated January 20, 2026, with promoter group sellers to acquire 9,97,000 equity shares representing 36.64% of the Emerging Voting Share Capital at ₹115.00 per share, totaling ₹11,46,55,000. Additionally, Vanga will participate in a preferential issue to acquire 4,85,000 equity shares representing 17.83% of the Emerging Voting Share Capital.

Target Company Profile

Photon Capital Advisors Limited, incorporated in 1993 and listed on BSE (scrip code: 509084), operates as management advisory services consultants. The company's registered office is located at Plot No. 90-A, Road No. 9, Jubilee Hills, Hyderabad. The company's equity shares are infrequently traded on BSE, with only 0.59% annualized trading turnover.

Financial Arrangements

Vanga has established adequate financial arrangements for the offer, with a net worth of ₹48,980.23 lakhs as certified on January 16, 2026. An escrow account has been opened with Yes Bank Limited containing ₹30,00,000, representing 36.69% of the maximum consideration payable.

TVS Credit Services Q3 FY26 Results

TVS Credit Services Limited reported robust financial performance for the quarter ended December 31, 2025. The company's standalone results showed strong growth across key metrics:

For the nine months ended December 31, 2025, TVS Credit reported total income of ₹5,346.61 crores compared to ₹4,954.93 crores in the corresponding period of the previous year. Net profit after tax for the nine-month period reached ₹657.60 crores versus ₹541.34 crores in the previous year.

Key Financial Indicators

The company maintained a strong financial position with net worth of ₹5,801.58 crores and a debt-equity ratio of 4.63. The net profit margin stood at 14.55% for Q3 FY26, demonstrating efficient operational performance. The company's paid-up equity share capital remained at ₹239.67 crores with a face value of ₹10 per share.

Both announcements reflect significant corporate developments, with the Photon Capital transaction representing a strategic acquisition in the advisory services sector and TVS Credit demonstrating continued growth in the financial services industry.