Navigant Corporate Advisors Limited has officially announced an open offer for the shareholders of Sindu Valley Technologies Limited. This offer, initiated by Mr. Jahidmohmed H. Vijapura (Acquirer-1) and JHV Commercials LLP (Acquirer-2), alongside Mrs. Husena Musamji (PAC), aims to acquire a total of 40,82,000 fully paid-up equity shares of the target company, representing 26% of the emerging equity and voting share capital at an offer price of Rs. 30 per share.

Background of the Offer The open offer was necessitated by the recent approval from the Board of Directors of Sindu Valley Technologies for a preferential allotment of equity shares. This move is part of a broader strategy to increase the acquirers' shareholding and subsequently classify them as "promoters" of the company under the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Details of the Open Offer

Offer Size: The acquirers plan to purchase up to 40,82,000 equity shares, constituting 26% of the emerging equity and voting share capital of Sindu Valley Technologies.

Offer Price: Each equity share is being offered at Rs. 30, amounting to a total consideration of Rs. 12,24,60,000 if fully accepted.

Mode of Payment: Payment for the shares will be made in cash, complying with SEBI regulations.

Transaction Triggering the Offer The open offer is triggered by two primary transactions:

Preferential Allotment: The Board authorized the issuance of 1,10,00,000 equity shares to Acquirer-2 and the PAC, with a portion also allocated to public category investors. This represents a substantial increase in the share capital of Sindu Valley Technologies.

Share Purchase Agreement (SPA): The acquirers have entered into a share purchase agreement to buy 5,14,860 equity shares from existing shareholders, further solidifying their stake in the company.

Details of the Acquirers and PAC The open offer is being made by:

Mr. Jahidmohmed H. Vijapura: Acquirer-1, currently holding no shares in the target company.

JHV Commercials LLP: Acquirer-2, also starting from zero equity shares.

Mrs. Husena A. Musamji: The person acting in concert (PAC), holding 7,50,000 shares post-transaction.

Details of Selling Shareholders The selling shareholders include:

Mr. Chirag Deepak Dedhia: Selling 24,860 shares.

Mr. Arvind Awadhnath Sharma: Selling 2,45,000 shares.

Mrs. Manisha Arvind Sharma: Selling 2,45,000 shares.

Following the transaction, these shareholders will no longer hold any equity in the company, thereby facilitating the acquisition process.

Regulatory Compliance Navigant Corporate Advisors Limited, as the manager of the offer, has confirmed adherence to all necessary SEBI regulations, ensuring that the open offer is conducted transparently and in compliance with legal requirements.

Conclusion The open offer for Sindu Valley Technologies Limited is a significant step in consolidating the acquirers' position within the company. By increasing their shareholding and gaining control, the acquirers aim to enhance their strategic influence over Sindu Valley Technologies.

For further details, shareholders and interested parties are encouraged to stay updated through official announcements and disclosures from the company and Navigant Corporate Advisors Limited.

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