Trading Members and Custodians are requested to note that Securities Exchange Board of India (SEBI) has issued Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeover, Buy Back and De-listing vide its circular no. CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015 and no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016. The Exchange vide its notice no. 20170210-16 dated Feb 10, 2017,20190424-35 dated April 24, 2019 and 20200528-32 dated 28 May 2020, 20201102-43 dated 02 Nov 2020, 20210825-62 dated Aug 25,2021 has issued Revised Guidelines of Mechanism for acquisition of shares through Stock Exchange pursuant to Tender-Offers under Takeovers, Buy Back and Delisting.
All Market Participants are hereby informed that an Open Offer (“Offer”) is made by Findoc Finvest Private Limited (“Acquirer”) along with Mr. Hemant Sood (“PAC 1”) and Mrs. Sonia Aggarwal (“PAC 2”) (hereinafter collectively referred as ‘PACs’) to the existing public shareholders of Ritesh Properties and Industries Limited (“Target Company”) to acquire up to 6,90,84,020 (Six Crores Ninety Lakhs Eighty-Four Thousand And Twenty) fully paid-up equity shares of face value of Rs.1 (Rupee One Only) each, representing 25.19%* (Twenty Five Point One Nine Percent) of the expanded equity share capital of the Target Company from the public shareholders at a price of Rs.42.90/- per fully paid equity share payable in Cash, pursuant to and in compliance with the provisions of Regulation 3(2) and other applicable regulations of the SEBI (SAST) Regulations, from February 08, 2023 to February 21, 2023.
*As per SEBI (SAST) Regulations, the open offer under regulation 7 of the Takeover Regulations shall be for at least 26% of the total shares of the target company, as of 10th working day from the closure of the Tendering Period. However, the Public Shareholding of the Target Company is 25.19%, and therefore, the Offer Shares (i.e. 6,90,84,020 Equity Shares) represent 25.19% of the fully paid-up Expanded Equity Share Capital of the Target Company.
Letter of Offer is herewith attached for your perusal.
Market participants are further requested to note that this offer will be as per the Revised Guidelines of SEBI circular no. CFD/DCR2/CIR/P/2016/131 dated Dec 09, 2016 and Exchange notice no. 20170210-16 dated Feb 10, 2017 and 20190424-35 dated April 24, 2019 along with the details of this Offer to Buy would be available on BSE Website – www.bseindia.com.
Mangesh Tayde
Assistant General Manager
Listing Sales & Ops
February 06, 2023 |