Tejassvi Aaharam Limited faces a significant ownership change as Prasanna Natarajan and associated entities announce a mandatory open offer to acquire up to 70,00,000 equity shares. The offer, priced at ₹10 per share and aggregating ₹7,00,00,000, follows a proposed preferential issue that will trigger management control acquisition.

Open Offer Structure and Participants

The open offer involves four acquirers working in concert: Prasanna Natarajan as the primary acquirer, along with Rajat Chakra Credit & Holdings Private Limited, Sipping Spirits Private Limited, and Saranga Investments & Consultancy Private Limited. Rajalakshmi Natarajan participates as a Person Acting in Concert (PAC).

Transaction Trigger and Regulatory Compliance

The open offer obligation arises from a proposed preferential issue approved by Tejassvi Aaharam's Board of Directors on February 13, 2026. The transaction involves issuing 4,21,97,154 equity shares representing 72.55% of the emerging voting share capital through a share swap arrangement for acquiring Funk Foods Private Limited.

Under SEBI SAST Regulations, the acquirers must offer to purchase at least 26% of the emerging voting share capital. However, after excluding ineligible shareholders, the public shareholding comprises only 12.04% of the emerging voting share capital, making this the effective offer size.

Financial and Operational Details

The offer price of ₹10 per share matches the face value and is determined in accordance with SEBI SAST Regulations. Saffron Capital Advisors Private Limited serves as the manager to the open offer, with the detailed public statement scheduled for publication by February 23, 2026.

Corporate Structure and Control Changes

Currently, none of the acquirers or PAC hold any shares in Tejassvi Aaharam Limited. Post-transaction, they will collectively control 72.55% of the company and will be classified as promoters and promoter group members. The transaction represents a complete change in management control through the preferential issue mechanism.

The acquirers have confirmed adequate financial resources to meet their obligations under the offer and have made firm financial arrangements for financing the acquisition. They have no intention to delist the company's equity shares, which are currently listed on BSE Limited under scrip code 531628.

Timeline and Next Steps

The open offer process will commence following shareholder approval for the preferential issue through postal ballot. The tendering period will span 10 working days, during which eligible public shareholders can participate in the offer. The acquirers have undertaken to maintain minimum public shareholding requirements as per regulatory norms post-completion of the transaction.

Tejassvi Aaharam Limited, a Chennai-based company, has reported a wider net loss for the first quarter, as revenues declined and expenses remained elevated. The company's financial results, approved by the board of directors on August 14, reveal the challenges faced by the firm in the current economic environment.

Financial Performance

Tejassvi Aaharam's unaudited standalone financial results for the quarter ended June 30 show:

The company's revenue from operations declined by 14.22% year-over-year to Rs. 1,537.59 lakhs, down from Rs. 1,792.45 lakhs in the same quarter of the previous fiscal year. This decrease in revenue contributed to the widening of the company's net loss.

Expense Analysis

Despite the revenue decline, Tejassvi Aaharam's total expenses also decreased, albeit at a slower rate:

• Cost of materials consumed stood at Rs. 1,534.95 lakhs, representing the largest component of expenses.
• Employee benefits expense was Rs. 8.49 lakhs.
• Finance costs amounted to Rs. 9.53 lakhs.
• Other expenditure totaled Rs. 7.06 lakhs.

The total expenses for the quarter were Rs. 1,560.03 lakhs, slightly higher than the revenue generated, resulting in the reported loss.

Earnings Per Share

The company's basic and diluted earnings per share (EPS) for the quarter were negative at Rs. 0.32 per share, compared to Rs. 0.31 per share in the corresponding quarter of the previous year.

Management Approval and Audit Review

The financial results were reviewed by the audit committee and approved by the board of directors in a meeting held on August 14. The statutory auditor, Sundaram & Srinivasan Chartered Accountants, provided an unmodified review report, indicating that the financial statements fairly represent the company's financial position.

Outlook

While Tejassvi Aaharam Limited faces challenges with declining revenues and continued losses, the company operates in a single segment. The management has assessed the impact of internal and external factors up to the date of approval of these financial results, though specific details on future outlook or strategic initiatives were not disclosed in the available information.