BNK Capital hits 20% upper circuit as open offer priced at Rs 200 per share

Shares of BNK Capital Markets were locked in the upper circuit of 20 per cent at Rs 166.85 on the BSE in Wednesday's trade, in an otherwise weak market, after Lebnitze Real Estates Private Limited made an open offer to acquire 2.6 million equity shares of the company at a price of Rs 200 per share. The offer price is 44 per cent above Tuesday’s closing price of Rs 139 per share on the BSE.

On Tuesday, March 30, Lebnitze Real Estates Private Limited (acquirer) and promoters of BNK Capital entered into a share purchase agreement (SPA) pursuant to which the acquirer has agreed to purchase 5.97 million equity shares, representing 59.69 per cent of the voting share capital, at a price of Rs 200 per share from the promoters of the company.

Pursuant to the completion of the open offer and consummation of the transaction contemplated under the SPA, the Lebnitze Real Estates Private Limited will become a majority shareholder of the BNK Capital and will exercise control over the company, BNK Capital informed exchanges.

BNK Capital is a non-banking finance company (NBFC), engaged in investment banking distribution services, corporate finance and advisory services.

As on December 2020, public shareholders held a 40.31 per cent stake in the company, bodies corporate held 24.08 per cent holding, while individual shareholders owned a 14.58 per cent stake, the shareholding pattern data shows.

In the past two trading days, the stock has rallied 33 per cent from the level of Rs 125.05 hit on Friday, March 26. Till 01:32 pm, around 11,000 equity shares had changed hands on the counter and there were pending buy orders for 67,122 shares on the BSE. The stock is listed only on BSE and trades under X category.