Sita Enterprises Ltd — Updates, 01-01-1970: Company Update

Mr. Jitendra Rasiklal Sanghavi has announced a board meeting to consider and approve an open offer to acquire up to 7,50,000 equity shares (25%) of Sita Enterprises Limited at Rs. 92.50 per share, including interest for delay in payment. This follows a Share Purchase Agreement to acquire 70% stake at Rs. 90 per share, resulting in potential control of 95% post-offer. Sita Enterprises Limited is an RBI-registered NBFC primarily engaged in investments and financing. The acquirer plans to continue existing operations with possible future diversification and intends to effect changes to the board after the offer completes. The open offer is subject to RBI approval, which has been obtained. Payment and settlement will be managed through stock exchange mechanisms, and shareholders are advised on procedures to tender shares either in demat or physical form.