Offer Details
The Open Offer is made by Mr. Chennupati Sarath Kumar (Acquirer 1), Mr. Vasireddy Sivanag (Acquirer 2), and Ancla Technology Solutions India Private Limited (Acquirer 3) (collectively 'Acquirers') to acquire 28,63,354 equity shares of Reliable Ventures India Limited ('Target Company'), representing 26.00% of the fully paid-up equity share capital and voting capital.
Offer Price: ₹21.00 per equity share (face value ₹10), payable in cash. No revision in the offer price.
Total Offer Consideration: Based on 28,63,354 shares at ₹21 per share, the total offer size is approximately ₹6,01,30,434, which matches the escrow amount deposited.
Key Developments and Timeline
Escrow Arrangement: The Acquirers deposited ₹6,01,30,434 in cash in an escrow account with Axis Bank Limited on June 04, 2026, fulfilling 100% of the Offer Consideration requirement under Regulation 24(1) of SEBI SAST Regulations.
Board Appointments: Following compliance with escrow requirements and completion of 15 working days from the Detailed Public Statement (DPS) date, the Acquirers and their nominees were appointed to the Board of Directors of the Target Company at a Board Meeting held on July 15, 2026:
- Mr. Sivanag Vasireddy: Promoter, Chairman and Managing Director (Additional Director) - DIN: 07852851
- Mr. Chennupati Sarath Kumar: Promoter and Non-Executive Additional Director - DIN: 03619030
- Mr. Pradhip Kumar Gogula: Non-Executive Additional Director - DIN: 09230669
- Ms. Tirumalla Sai Navya: Non-Executive Independent Director (Additional Director) - DIN: 11818641
- Mr. Kaladharan Panchena: Non-Executive Independent Director - DIN: 02261923 (since September 30, 2024)
- Shiv Singh Raghuwanshi: Company Secretary & Compliance Officer - PAN: *****9387H (since June 16, 1997)
Independent Directors Committee Recommendation: A Committee of Independent Directors of the Target Company published its recommendation on August 12, 2026, in the same newspapers. The IDC opined that the Offer Price of ₹21.00 per share is fair and reasonable and in line with SEBI SAST Regulations, 2011.
Regulatory Compliance: The Draft Letter of Offer was submitted to SEBI on June 16, 2026, under Regulation 16(1). SEBI provided observations via letter dated July 29, 2026, which have been incorporated into the Letter of Offer per Regulation 16(4).
Revised Schedule of Activities
| Activity | Revised Date |
| Issue of Public Announcement | Tuesday, June 02, 2026 |
| Publication of Detailed Public Statement | Tuesday, June 09, 2026 |
| Last Date for Filing Draft Letter of Offer with SEBI | Tuesday, June 16, 2026 |
| Last Date for Competing Offer* | Wednesday, July 01, 2026 |
| SEBI Comments on Draft Letter of Offer | Wednesday, July 29, 2026 |
| Identified Date** | Friday, July 31, 2026 |
| Dispatch of Letter of Offer to Shareholders | Friday, August 07, 2026 |
| Independent Directors Committee Recommendation | Wednesday, August 12, 2026 |
| Last Date for Offer Price/Size Revision | Thursday, August 13, 2026 |
| Advertisement of Schedule | Thursday, August 13, 2026 |
| Tendering Period Commencement | Friday, August 14, 2026 |
| Tendering Period Closure | Friday, August 28, 2026 |
| Settlement and Payment Completion | Friday, September 11, 2026 |
| Post-Offer Announcement Publication | Monday, September 21, 2026 |
| Post-Offer Report Filing with SEBI | Monday, September 21, 2026 |
*No competing offer has been made
**Identified Date (July 31, 2026) determines shareholders for Letter of Offer distribution
Shareholding and Entity Details
Acquirer Promoter Holdings:
- Sivanag Vasireddy: 46,00,000 shares (51.31%)
- Sarath Kumar Chennupati: 43,65,000 shares (48.69%)
- Total: 89,65,000 shares (100.00%)
Directorships and Partnerships:
- Mr. Chennupati Sarath Kumar: Director in Ancla Technology Solutions India Pvt Ltd (48.66%), Designated Partner in Rubicon Global Trading LLP and SBSM Infra LLP, Partner in Hirize Ventures LLP
- Mr. Vasireddy Sivanag: Director in Ancla Technology Solutions India Pvt Ltd (51.34%) and Thinkbee Solutions Private Limited (50%), Designated Partner in Rubicon Global Trading LLP and SBSM Infra LLP
Historical Compliance Issues
The document discloses historical non-compliances by erstwhile promoters of the Target Company with SEBI SAST Regulations, including delayed filings under Regulations 30(2) and 31(4) across financial years 2017-18 to 2025-26, with delays ranging from 1 day to 2,243 days. All instances were eventually complied with on a delayed basis.
Shareholder Instructions
Physical Shareholders: Must approach seller broker to place bids on designated stock exchange platform. Physical shares require complete documentation as per page 30 of Letter of Offer and are subject to verification by Registrar & Transfer Agent (RTA).
Demat Shareholders: May participate through their selling broker following procedures on pages 33-34 of Letter of Offer.
Non-receipt of Documents: Shareholders may download Letter of Offer from SEBI (www.sebi.gov.in), Target Company (www.reliableventuresltd.com), Registrar (compliance@mudrarta.com), Manager to Offer (www.rarever.in), or BSE (www.bseindia.com) websites. Alternatively, they may apply on plain paper with required details.
Material Documents for Inspection
Documents are available for inspection at the office of the Manager to the Offer (Rarever Financial Advisors Private Limited, Ahmedabad) during tendering period (August 14-28, 2026) or electronically by email request to hello@rarever.in. Documents include SEBI observation letter dated July 29, 2026, among others.
Additional Information
- No merger/demerger/spin-off in Target Company during past three years
- No statutory approvals required for the Offer as of date
- Offer implemented through stock exchange mechanism (separate acquisition window)
- The Manager to the Offer is Rarever Financial Advisors Private Limited (SEBI Reg. No: INM000013217)