SRM Energy Limited has received final observations from the Securities and Exchange Board of India (SEBI) regarding its Draft Letter of Offer for an open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company informed BSE Limited about this development through an official communication dated January 23, 2026.

Open Offer Details

The open offer involves the acquisition of equity shares and change in control of SRM Energy Limited. The key parameters of the transaction are structured as follows:

Regulatory Compliance and Next Steps

The final observations from SEBI, dated January 23, 2026, mark a significant milestone in the open offer process. Following the receipt of these observations, Sobhagya Capital Options Private Limited, serving as the Manager to the Open Offer, will proceed with suitable actions as directed by the regulator.

The offer manager will now take steps to open the offer on behalf of the acquirers in accordance with the provisions of SEBI SAST Regulations. This development follows the company's previous intimation dated September 25, 2025, indicating the regulatory process has been ongoing for several months.

Corporate Governance Framework

The transaction involves a change in control of SRM Energy Limited in favor of the acquirers, Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi. The entire process is being conducted under the framework of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, ensuring compliance with regulatory requirements for such corporate transactions.

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by informing the stock exchange about this regulatory development. Company Secretary and Compliance Officer Pankaj Gupta signed the official communication to BSE Limited, maintaining transparency in the corporate action process.

SRM Energy Limited , a company listed on the Bombay Stock Exchange, is set to undergo a significant change in ownership and management structure. The company's promoter, Spice Energy Private Limited, has entered into a Share Purchase Agreement (SPA) that could reshape the future of the energy firm.

Key Details of the Transaction

• Seller: Spice Energy Private Limited (Promoter/Holding Company)
• Buyers: Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi
• Stake Size: 64,50,000 equity shares (approximately 71.19% of total paid-up share capital)
• Agreement Date: September 25, 2023

Implications of the Deal

The transaction, once completed, will result in a change of management and control of SRM Energy Limited. This shift in ownership structure is expected to have significant implications for the company's future direction and operations.

Regulatory Compliance

In accordance with the Securities and Exchange Board of India (SEBI) regulations, the acquirers will be required to make an open offer to the company's shareholders. Sobhagya Capital Options Private Limited, a Category I Merchant Banker, has been appointed as the manager for this open offer process.

Management Transition

Upon fulfillment of the conditions outlined in the SPA, Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi will acquire management control of SRM Energy Limited. The acquirers may exercise their right to nominate members to the company's Board of Directors, subject to SEBI regulations and the terms of the SPA.

Market Impact

The Bombay Stock Exchange, where SRM Energy Limited is listed, has been duly informed of this development. The market will likely be watching closely to see how this change in ownership affects the company's performance and strategy going forward.

Conclusion

This transaction marks a significant milestone for SRM Energy Limited. As the company prepares for new leadership, stakeholders will be keen to observe any shifts in corporate strategy or operational focus that may emerge under the Sanghvi family's stewardship. The successful completion of this deal and the subsequent open offer process will be crucial in determining the company's trajectory in the coming years.