Soma Papers & Industries Ltd — Important, 01-01-1970: Company Update

Soma Papers & Industries has launched an open offer to acquire up to 26% of its expanded equity at ₹10 per share. This follows a preferential allotment, making Mr. Shankar Varadharajan and Mr. Anancha Perumal Selvi Keshav, and associated persons, the new controlling shareholders with 60.95% of the expanded capital. The strategic move aims to expand the company's business activities, potentially diversifying from its current non-operational state. As part of this, KS Smart Solutions Private Limited will become a wholly-owned subsidiary. The acquirers have secured financial backing for the offer, with maximum consideration of ₹42.66 crore.