SBA Infra Projects has announced a mandatory open offer for Rishabh Digha Steel & Allied Products following a 74.31% stake acquisition deal. The open offer gives public shareholders an exit opportunity at ₹47 per share, with the process scheduled to run from December 23, 2026, to January 6, 2027.
SBA Infra Projects Announces Open Offer for Rishabh Digha Steel
Offer Price: ₹47.00 per share
Open Offer Size: 14,09,699 shares (25.69% of equity)
Reader Takeaway: Public shareholders get an exit at ₹47; new management aims to take control of the target company.
What just happened
SBA Infra Projects Private Limited is initiating a mandatory open offer to acquire up to 25.69% of the voting share capital of Rishabh Digha Steel & Allied Products Ltd. This follows a Share Purchase Agreement (SPA) dated October 29, 2026, where the acquirer bought a 74.31% stake from the existing promoter group for ₹19.16 crore.
Why this matters
The open offer is a regulatory requirement under SEBI takeover norms once a new entity acquires majority control. Public shareholders now have a window to sell their holdings to the acquirer at the fixed price of ₹47 per share. The acquirer has stated intentions to take over management control of the steel company.
The backstory
The acquirer has clarified its intent to manage the company as a going concern, noting it does not plan to sell significant company assets for at least two years unless required in the ordinary course of business.
What to track next
The open offer is set to open on December 23, 2026, and will close on January 6, 2027. Investors should monitor for any regulatory updates or statutory approval requirements that could influence the timeline or completion of the transaction. Additionally, the acquirer must ensure the company remains compliant with minimum public shareholding norms post-acquisition.