Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the equity shareholders of Banganga Paper Industries Ltd ("Target Company").
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Navigant Corporate Advisors Ltd, the Manager to the Offer, has submitted the Draft Letter of Offer to SEBI and BSE for a mandatory open offer to acquire shares of BSE-listed Banganga Paper Industries Ltd (formerly Inertia Steel Limited, BSE Code: 512025). The offer is triggered by a Share Purchase Agreement (8,50,00,000 shares from existing promoters at Rs 1.44 each, totalling Rs 12.24 crore) combined with a large preferential allotment of 21,10,64,917 equity shares plus 2,20,00,000 convertible warrants. The acquirers are Ronak Jain, Sarita Jain, Priyanka Jain, and K K Impex & Trading Pvt Ltd, along with persons acting in concert. The open offer is at Rs 1.45 per share for up to 3,47,88,000 equity shares (100% of existing public shareholding), opening on 6 February 2026 and closing on 20 February 2026. Post-completion, the acquirer group will hold up to 58.84–68.70% of the expanded share capital, and CMJ Breweries Pvt Ltd (Selling Company) will become a wholly-owned subsidiary of Banganga.
Public shareholders of Banganga Paper Industries can tender their shares at Rs 1.45 per share during the 6–20 February 2026 window. The transaction will result in a change of control and a major shift in business direction, as CMJ Breweries is set to become a wholly-owned subsidiary, effectively turning Banganga into a new platform for the acquirers.