Sarda Proteins Limited has revised its open offer timeline after converting warrants into equity shares. The offer price remains ₹115 per share for 17,30,400 shares, with tendering from June 11 to June 24, 2026. Investors should note compliance risks regarding minimum public shareholding.

Sarda Proteins Revises Open Offer Timeline

Offer Price: ₹115.00 per Equity Share
Offer Shares: 17,30,400 Equity Shares

Reader Takeaway: Open offer details clarified; Minimum Public Shareholding compliance is a key concern.

What just happened

Sarda Proteins Limited has issued a corrigendum for its open offer. This revision follows the conversion of 72,50,000 warrants into equity shares, which has led to a change in control. The open offer will take place between June 11, 2026, and June 24, 2026, with an offer price of ₹115.00 per equity share for 17,30,400 shares. The acquirer, Onix Renewable Limited, and persons acting in concert (PACs) are involved. The company also rectified a discrepancy in its paid-up equity share capital due to share forfeiture.

Why this matters

The revised timeline provides clarity for public shareholders interested in participating in the open offer. The Committee of Independent Directors has confirmed the offer price of ₹115.00 as fair and reasonable. A significant point for investors is the post-conversion promoter shareholding, which has risen to 80.72%, exceeding the 75% limit. This raises concerns about compliance with Minimum Public Shareholding (MPS) norms, potentially leading to regulatory action if not addressed.

The backstory

The open offer was triggered by the conversion of warrants. These warrants were allotted on March 18, 2026, to the acquirer, PACs, and some public shareholders. The conversion has resulted in an emerging voting share capital acquisition of 19.28% and a post-conversion emerging total share capital of 89,75,900 shares.

What changes now

The tendering period for the open offer is now officially set from June 11, 2026, to June 24, 2026. Other activities, including the communication of rejection/acceptance and payment, are scheduled by June 30, 2026, with a post-offer advertisement by July 03, 2026. Shareholders need to be aware of these dates to participate.

Risks to watch

The primary risk is the company's non-compliance with Minimum Public Shareholding (MPS) requirements. With promoter holding at 80.72%, the company must bring it down to comply with SEBI regulations, or face potential penalties. The company has also had past instances of delayed regulatory filings and paid a small penalty to BSE for delayed intimation of board meetings.

Peer comparison

Information on peer companies' open offer mechanics or minimum public shareholding compliance is not provided in the filing.

Context metrics (time-bound)

• Offer Price: ₹115.00 per Equity Share
• Offer Shares: 17,30,400 Equity Shares
• Tendering Period: June 11, 2026 – June 24, 2026
• Post-Conversion Promoter Holding: 80.72%
• Warrants Converted: 72,50,000 Equity Shares
• Post-Conversion Total Shares: 89,75,900

What to track next

Investors should closely monitor Sarda Proteins' actions to address the Minimum Public Shareholding non-compliance. Tracking the participation in the open offer and the subsequent steps taken by the company to reduce promoter holding will be crucial.