As per Attachment
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.0 pts more than Nifty Microcap 250 and 2.2 pts more than its Diversified Commercial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Banganga Paper Industries (Scrip Code: 512025) informed BSE that its Committee of Independent Directors met on December 17, 2025 and considered a proposed preferential allotment of 10,06,29,680 equity shares and 2,20,00,000 convertible warrants to certain non-promoter allottees who would be reclassified as promoters, resulting in a change in control of the company. Part of the consideration involves a swap of shares of CMJ Breweries Private Limited. The issue price has been fixed at Rs. 1.45 per share, determined as per Chapter V of SEBI ICDR Regulations, and includes a control premium on account of the change in control. The proposal will also trigger an Open Offer under SEBI Takeover Regulations, 2011. The filing notes dissent from at least one independent director on the committee.
This is a change-of-control event — existing shareholders will see new promoters (linked to CMJ Breweries) take over the company, likely followed by a mandatory open offer. Retail investors should watch for the open offer price and timeline, as well as the long-term business implications of the new promoter's entry into the paper/alcobev-adjacent space.