Nature of the Event

This is a Detailed Public Statement for a mandatory open offer under SEBI (SAST) Regulations, 2011, triggered by the acquisition of controlling stake in Reliable Ventures India Limited through a Share Purchase Agreement.

Key Quantitative Figures

  • Offer Size: 28,63,354 equity shares (26% of voting share capital)
  • Offer Price: ₹21.00 per equity share
  • Total Consideration: ₹6,01,30,434.00 (assuming full acceptance)
  • SPA Acquisition: 59,55,815 shares (54.08%) for ₹12,50,72,115.00
  • Target Company Paid-up Capital: ₹11,01,29,000 (1,10,12,900 shares of ₹10 each)
  • Post-offer Holding: 88,19,169 shares (80.08%) by acquirers if fully accepted

Dates of Action

  • Public Announcement Date: June 02, 2026
  • Detailed Public Statement Date: June 09, 2026
  • Tentative Tendering Period: July 31, 2026 to August 13, 2026
  • Identified Date: July 10, 2026
  • Payment Completion: By August 31, 2026

Parties Involved

Acquirers:

1. Mr. Chennupati Sarath Kumar (Acquirer 1) - Net worth ₹9,92,35,911 as of May 23, 2026

2. Mr. Vasireddy Sivanag (Acquirer 2) - Net worth ₹3,05,34,026 as of May 23, 2026

3. Ancla Technology Solutions India Private Limited (Acquirer 3) - Paid-up capital ₹8,96,50,000

Selling Promoters:

  • Mr. Shahid Hafiz Khan, Mr. Shahwar Hafiz Khan, Mrs. Sharifa Bano, Mr. Kaleemullah Khan, Mr. Farhan Sikandar Khan, Mr. Sikandar Hafiz Khan, and 7 corporate entities

Manager to Offer: Rarever Financial Advisors Private Limited

Registrar: Mudra RTA Ventures Private Limited

Buying Broker: Nikunj Stock Brokers Limited

Escrow Bank: Axis Bank Limited (Account: 926020020562965)

Financial Arrangements

  • Escrow account with Axis Bank containing ₹6,01,30,434 (100% of offer consideration)
  • Deposits made on June 03, 2026 (₹3,51,30,434) and June 04, 2026 (₹2,50,00,000)
  • Acquirers have sufficient net worth and confirm no borrowing requirements
  • Chartered Accountant certifications provided for financial capability

Capital Structure Impact

  • Pre-offer acquirer holding: 0%
  • Post-SPA holding: 54.08% (59,55,815 shares)
  • Post-offer holding (if full acceptance): 80.08% (88,19,169 shares)
  • Public shareholding may fall below 25% requiring compliance within 12 months

Target Company Information

  • Business: Currently no operating business (formerly hospitality and tourism)
  • Financials (Audited):
  • FY2026: Total Income ₹31.09 lakh, Loss ₹88.58 lakh, EPS (₹0.68)
  • FY2025: Total Income ₹154.64 lakh, Loss ₹68.08 lakh, EPS (₹0.61)
  • FY2024: Total Income ₹259.71 lakh, Loss ₹152.55 lakh, EPS (₹1.39)
  • Net Worth: ₹3060.81 lakh (March 2026)
  • Listed: BSE Limited (Scrip Code: 532124)

Offer Details

  • Type: Mandatory open offer, not conditional on minimum acceptance
  • Price Justification: Highest of negotiated price under SPA (₹21) and 60-day VWAP (₹21)
  • Eligibility: All public shareholders excluding promoters and parties to SPA
  • Acceptance Method: Proportionate basis if oversubscribed
  • Settlement: Through stock exchange mechanism via BSE acquisition window

Conditions and Undertakings

  • No statutory approvals required as of disclosure date
  • No intention to delist the target company
  • No plans to alienate significant assets for 2 years except in ordinary course
  • No persons acting in concert with acquirers
  • Selling promoters will apply for declassification from promoter category

Publication

Published in Financial Express (English), Jansatta (Hindi), Mumbai Lakshadeep (Marathi), and Indore Samachar (Hindi)

Additional Information

  • Equity shares are frequently traded (27.07% turnover in past 12 months)
  • Target company has no subsidiaries, associates, or joint ventures
  • No merger/demerger in last three years
  • Physical share holders eligible to tender shares
  • Delay in payment will attract 10% interest per annum unless waived by SEBI