Several entities, including Omnia Appliances Private Limited, have launched a substantial acquisition offer for Comrade Appliances Limited (‘CAL’). The offer is to acquire up to 26,46,487 equity shares, representing 26.00% of the expanded share capital, at a price of INR 35 per share. This move is in compliance with SEBI regulations for substantial acquisitions.
Takeover Bid for Comrade Appliances Limited
A group of acquirers, namely Omnia Appliances Private Limited (Acquirer 1), Graphic Promoters and Developers Private Limited (Acquirer 2), Amaira Estate Advisors LLP (Acquirer 3), and MLJ Aeternum LLP (Acquirer 4), have formally initiated a substantial acquisition process for Comrade Appliances Limited (CAL). This announcement signifies a potential shift in the ownership structure of CAL.
Offer Details and Valuation
The acquirers propose to acquire up to 26,46,487 equity shares of Comrade Appliances Limited. This quantity represents 26.00% of the company’s expanded share capital. The offer price has been set at INR 35 per equity share. This pricing is justified by the acquirers based on parameters outlined in the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Regulatory Compliance
The offer is being made in strict adherence to Regulation 3(1) and Regulation 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, along with subsequent amendments. The detailed public statement, submitted to BSE Limited, provides comprehensive information regarding the terms, conditions, and tentative schedule of the offer.
Financial Arrangements
The total fund requirement for the Open Offer, assuming full acceptance, is estimated at INR 9,26,27,045. The acquirers have confirmed firm financial arrangements for this acquisition, with funds to be sourced through internal resources and an escrow account with Kotak Mahindra Bank. The maximum consideration for the entire offer stands at INR 9,26,27,045.
Tentative Schedule of Activity
The proposed timeline indicates that the Open Offer is expected to open on December 07, 2026, and close on December 21, 2026. The Letter of Offer will be dispatched to shareholders by December 01, 2026.
Source: BSE
