Regulatory Background
The open offer is being made by Acquirers and Persons Acting in Concert (PACs) to public shareholders of Supreme Infrastructure India Limited under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, pursuant to a Public Announcement dated December 17, 2025.
SEBI Directive
SEBI issued its final observations letter dated May 25, 2026, directing the Acquirers and PACs to proceed with and complete the Open Offer for acquisition of 3,09,00,665 equity shares, representing 26% of the fully diluted voting share capital of the Target Company.
Current Status and Implementation Issues
Despite repeated follow-ups by the Manager to the Offer, the Acquirers and PACs have not provided requisite confirmations regarding funding arrangements and other matters necessary for proceeding with the Open Offer.
Recent Developments
Based on telephonic discussions and email communications, the Manager understands that the Acquirers and PACs have approached SEBI seeking reconsideration of their exemption application in relation to the Open Offer.
Impact Assessment
There remains uncertainty regarding the implementation and completion of the Open Offer within the timelines stipulated by SEBI in the Observations Letter dated May 25, 2026.
Forward Commitment
The Manager to the Offer shall continue to pursue the matter with the Acquirers and PACs and will keep the Stock Exchanges informed of any further material developments.