Deccan Bearings Ltd — Updates, 01-01-1970: Company Update

Deccan Bearings Limited has announced a board meeting to approve a preferential allotment of 1.78 Cr equity shares at ₹10 each to four acquirers—Pareshbhai Gushabhai Satani and three relatives—who will collectively acquire 72.5% of the company’s expanded voting capital post allotment. The acquirers have entered share purchase agreements to acquire 17.35 lakh existing shares at ₹10 per share, representing 8.68% of expanded capital. An open offer is made to public shareholders for up to 52 lakh shares at ₹10 each, equivalent to 26% of the public shareholding on a fully diluted basis. The company is currently engaged mainly in investment and securities trading with no significant recent operating revenue, reporting losses over recent years. The acquirers bring over four decades of industry experience, have adequate financial resources, and plan no major asset sales for two years. The offer is subject to regulatory approvals and aims at substantial acquisition of shares and control.