Fintellectual Corporate Advisors Pvt Ltd ("Manager to the offer") has submitted to BSE a copy of Draft Letter of Offer to the public shareholders of CDG Petchem Ltd ("Target Company").
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Fintellectual Corporate Advisors, the manager to the offer, has submitted the Draft Letter of Offer to BSE for an open offer in CDG Petchem Ltd (Scrip Code: 534796). Acquirer Jujhar Constructions and Travels Pvt Ltd (Ludhiana, Punjab) is making an open offer to buy up to 26,00,000 equity shares (26% of expanded capital) at ₹41 per share in cash. The offer is triggered by a Share Purchase Agreement dated April 8, 2025, under which the Dugar family promoters will sell their entire 19,11,052 shares (62.10% of pre-issue capital) to Jujhar Constructions at ₹35 per share, aggregating ₹6.69 crore, resulting in a change of control and promoter of the company. Additionally, the board has approved a preferential allotment of 61,58,000 equity shares and 7,64,500 warrants at ₹41 each to the acquirer and other public shareholders, raising the expanded share capital to 1,00,00,000 shares. The acquirer intends to revive the company's business performance while continuing the existing line of business. The tendering period is scheduled from June 5, 2025 to June 18, 2025.
Public shareholders can tender their shares at ₹41 per share in cash during the offer window. This results in a complete change of promoter control from the Dugar family to Jujhar Constructions, with the acquirer also undertaking to restore minimum 25% public shareholding compliance. The stock may see increased volatility around the open offer window, and shareholders should evaluate whether to tender based on the ₹41 offer price versus their view of the stock's future under new management.