Notice No20220923-25Notice Date23 Sep 2022
SubjectOpening of Offer to Buy – Acquisition Window (Takeover) of Baroda Rayon Corporation 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 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 Mr. Damodarbhai B Patel (“Acquirer 1”), Mr. Mohanlal Bhimjibhai Patel (“Acquirer 2”), Mr. Viral D Bhavani (“Acquirer 3”) and Sejima Texyarn Private Limited (“Acquirer 4”) (Collectively the Acquirer 1, Acquirer 2, Acquirer 3, and Acquirer 4 are hereinafter referred to as the “Acquirers”); and Mr. Raj Bhavani (“PAC 1”), Mr. Umang Bhavani (“PAC 2”), Mrs. Hetal Dipeshbhai Bhavani (“PAC 3”)  and  Mr. Upesh Bhavani (“PAC 4”) (PAC 1, PAC 2, PAC 3, and PAC 4 are hereinafter collectively referred to as “PACs”) to the existing public shareholders of Baroda Rayon Corporation Limited (“Target Company”) to acquire 59,56,953 (Fifty-Nine Lakhs Fifty-Six Thousand Nine Hundred And Fifty-Three) equity shares of face value of Rs.10.00/- (Rupees Ten Only) each, representing 26.00% (Twenty-Six Percent) of the voting share capital of the Target Company, at an offer price of Rs.9.80/- (Rupees Nine And Eighty Paise Only), in pursuance of the provisions of Regulations 3(1), 3(2), 4, and 5(1) of the SEBI (SAST) Regulations, for the substantial acquisition of Equity Shares and Voting Share capital accompanied with a change in control and the management of the Target Company, from September 26, 2022 to October 10, 2022.

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 –


Atul Dhotre

Senior Manager

Listing Sales & Ops

September 23, 2022
Letter of Offer_BARODA Rayon.pdf