|Opening of Offer to Buy – Acquisition Window (Takeover) for Sangam Renewables Limited
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 Takeovers, Buy Back and 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. 20190424-35 dated April 24, 2019, 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 Open Offer by Waaree Energies Limited ("Acquirer") to the Shareholder(s) of Sangam Renewables Limited (“Target Company") (Formerly known as Sangam Advisors Limited) to acquire up to 54,12,700 (Fifty Four Lacs Twelve Thousand Seven Hundred) fully paid equity shares the Target Company, of face value of Rs. 10/- each ( each an ‘’Offer Share’’) representing 26% (Twenty Six per cent) of the emerging voting share capital of the Target Company on fully diluted basis, as of the tenth working day from closure of the tendering period of the open offer (‘’ Voting Share Capital ‘’) from the eligible shareholders of the Target Company for a cash at a price of Rs. 18.50 per equity share (“Offer Price”) pursuant to Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SEBI (SAST) Regulations”) from May 06, 2019 to May 17, 2019.
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.
Chief General Manager
April 30, 2019