The Exchange has received the disclosure under Regulation 18(6) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Ronak Jain & Others
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On the reaction day the stock moved 2.4 pts more than Nifty Microcap 250 and 4.0 pts more 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 Ltd) saw Ronak Jain, family members, and KK Impex acquire 8.5 crore equity shares from the Dhatrak family (Chetan, Karbhari, and Jayashree Dhatrak) at Rs. 1.44 per share through a Share Purchase Agreement dated December 17, 2025, executed on March 12-13, 2026. The acquirer group's combined holding surged from 32.30% (10.06 crore shares) to 59.59% (18.56 crore shares), crossing the majority threshold, with additional warrants for another 6.60% of diluted capital. This represents a clear change of control transaction, with the acquirers and persons acting in concert now holding majority stake in the company.
Shareholders should note this is effectively a takeover — the acquirer group has secured majority control, which typically leads to board reconstitution, management changes, and a possible open offer trigger under SAST regulations. The low share price and recent name change from Banganga Paper Industries to Asgard Alcobev signal a possible business pivot, which could bring both opportunity and uncertainty for existing minority shareholders.