Charms Industries: Open offer for 26% stake at ₹2 per share

An open offer has been announced by Mr. Mahendrabhai G. Patel and three other acquirers to acquire up to 74,37,586 equity shares, representing 26.00% of the total expanded voting share capital of Charms Industries Limited. The offer price is ₹2.00 per share, payable in cash. This offer is being made in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The 'Emerging Voting Share Capital' is defined as 28,606,100 equity shares on a fully diluted basis, which includes existing shares and shares from a proposed preferential issue. Convertible warrants proposed to be allotted do not form part of this calculation.