Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Public Announcement under Regulation 3 (1), Regulation 4 Read With Regulation 15 (1) Regulation 13 ....
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An Open Offer has been triggered for Banganga Paper Industries Limited (BSE: 512025) under SEBI SAST Regulations, following a preferential allotment and Share Purchase Agreement signed on December 17, 2025. Acquirers Ronak Jain, Sarita Jain, Priyanka Jain and K K Impex & Trading Pvt Ltd (along with PACs) will acquire up to 3,47,88,000 equity shares (100% of existing public shareholding) at Rs. 1.45 per share, amounting to a total consideration of about Rs. 5.04 crore. The underlying deal includes a preferential issue of 10.06 crore shares (28.52% of expanded capital) to acquire CMJ Breweries Private Limited (an alcobev company), plus an SPA with existing promoters (Dhatrak family) to buy 8.5 crore shares (24.09%) at Rs. 1.44 per share. Post-transaction, the Acquirer group will hold 58.84% of expanded equity, making them the new promoters of the target company. EGM for shareholder approval is scheduled for January 14, 2026.
Existing public shareholders of Banganga Paper can tender their shares at Rs. 1.45 per share in cash under the open offer. The stock may see limited upside beyond the offer price as shares are noted as infrequently traded, but the deal signals a change in control and a likely shift in the company's business focus toward alco-beverages via CMJ Breweries.