📈 Ambeon Makes Voluntary Rs. 3.34 Bn Bid for Harischandra Mills

Ambeon Essentials Ltd, a subsidiary of Ambeon Capital PLC, has launched a voluntary offer to acquire a controlling stake in the iconic food & consumer goods firm, Harischandra Mills PLC. • Offer Details: Ambeon is offering Rs. 3,400 per share to acquire 981,118 shares (51.11% stake). This values the total equity of the company at approximately US$ 21.6 Mn (Rs. 6.5 Bn). • Valuation & Market Gap: The offer price represents a 3.5x multiple to the net asset value of Rs. 964.6 per share (as of Dec 2025). Notably, the offer is significantly below the last traded price of Rs. 5,068.75 and the post-deal peak of Rs. 6,982. • Strategic Context: Ambeon’s bid is Rs. 100 higher per share than the price paid by Hayleys PLC (Rs. 3,300) to acquire its 40.58% stake in October 2025. If Hayleys chooses to exit, they stand to realize a profit of ~Rs. 77.9 Mn. • Regulatory Status: The offer follows a January Share Sale and Purchase Agreement (SPA) with a consortium of family shareholders. Upon acceptance of the 51.11% stake, it will convert into a Mandatory Offer for all remaining shares under the Takeovers and Mergers Code. _Note: Based on official disclosure data as of March 30, 2026._