Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Shareholders of Banganga Paper Industries Ltd ("Target Company").
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Navigant Corporate Advisors, the manager to the open offer, has submitted the Letter of Offer to BSE for Asgard Alcobev Ltd (formerly Banganga Paper Industries). The open offer is triggered under SEBI Takeover Regulations following a change of control. Acquirers Ronak Jain, Sarita Jain, Priyanka Jain, and K K Impex & Trading Pvt Ltd, along with PACs, are offering to buy up to 9,17,41,759 equity shares (26% of expanded capital) from public shareholders at Rs. 1.45 per share. The offer opens on April 6, 2026 and closes on April 20, 2026. The underlying deal includes a Share Purchase Agreement to acquire 8,50,00,000 shares (24.09%) from existing promoters at Rs. 1.44/share for Rs. 12.24 crore, plus a preferential allotment of 19,17,44,917 equity shares and 2,20,00,000 warrants at Rs. 1.45 each. Post-offer, the acquirers and PACs will collectively hold up to 84.84% of the expanded share capital, and CMJ Breweries Pvt Ltd will become a subsidiary of Asgard.
This is a mandatory open offer arising from a complete change of control at Asgard Alcobev, with a new promoter group (Jain family and K K Impex) taking over and bringing in CMJ Breweries as a subsidiary. Public shareholders can tender their shares at the offer price of Rs. 1.45 between April 6-20, 2026, though the market price may already reflect or exceed the offer price. Shareholders should evaluate whether to accept the offer or remain invested based on the new management's plans.