Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Detailed Public Statement for the attention of the Equity Shareholders of Banganga Paper Industries ....
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A group linked to CMJ Breweries Private Limited (liquor/alcobev business) — led by Mr. Ronak Jain, Mrs. Sarita Jain, Mrs. Priyanka Jain and K K Impex & Trading Pvt Ltd, along with PACs — is taking control of Banganga Paper Industries Ltd (BSE: 512025, formerly Inertia Steel). The trigger combines a Share Purchase Agreement to buy 8,50,00,000 shares (25.69%) from existing promoters (the Dhatrak family) and a preferential allotment of 10,06,29,680 shares plus 2,20,00,000 convertible warrants at Rs. 1.45 per share. This pushes the acquirer group's holding to 58.84% of the expanded capital and triggers a mandatory open offer under SEBI (SAST) Regulations for 3,47,88,000 shares — essentially 100% of existing public shareholding — at Rs. 1.45 per share in cash. Banganga's shares are classified as infrequently traded on BSE (annualised turnover ~5.79%). The open offer window runs from February 6, 2026 to February 20, 2026, with payment by March 9, 2026.
Public shareholders of Banganga Paper Industries can tender their shares at the fixed cash offer price of Rs. 1.45 until February 20, 2026; the change in control to an alcobev-focused promoter group (CMJ Breweries) effectively transforms the listed entity's direction, though no asset sale is planned for two years post-offer.