The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Ronak Jain & Others
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On the reaction day the stock moved 4.3 pts less than Nifty Microcap 250 and 4.9 pts less 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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Asgard Alcobev Ltd (formerly Banganga Paper Industries) disclosed a substantial acquisition by Ronak Jain, family members, and KK Impex via preferential allotment on 17/02/2026. The acquirers received 10,06,29,680 equity shares (32.48% of total share capital) along with 2,20,00,000 convertible warrants (6.63%). Total post-acquisition holding stands at 36.95% of the diluted share capital. The acquirers are currently in the public category but will be reclassified as promoters upon completion of their open offer (announced 17/12/2025). The company's equity share capital expanded from ~11.98 crore shares to ~30.99 crore shares as a result of this allotment.
This is a transformative event — a new promoter group is taking control of the company with a ~32.5% stake via preferential issue, effectively changing the ownership structure. Shareholders should expect follow-up action on the open offer and a potential re-rating based on the new management's business plan for the alcobev (alcoholic beverages) segment.