Newspaper publication of Detailed Public Statement in connection with Open Offer.
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Craftroot Retail Ltd (formerly Nirbhay Colours India Limited, BSE: 526349) has published a Detailed Public Statement (DPS) for a mandatory open offer under SEBI Takeover Regulations. On December 12, 2025, a group of 7 acquirers led by Mr. Dakshesh Rameshchandra Shah executed a Share Purchase Agreement to buy 6,74,300 shares (20.13% stake) from existing sellers at ₹10 per share (₹67.43 lakh total), acquiring control and management. This triggered an open offer to public shareholders for an additional 14,19,700 shares (42.38% of voting capital) at ₹10 per share, aggregating to about ₹1.42 crore. The Detailed Public Statement was published in Financial Express (English, Gujarati), Jansalta (Hindi), and Navshakti (Marathi) on December 20, 2025. Post-offer, acquirers will hold 71.04% of the voting capital, potentially triggering minimum public shareholding requirements. The company recently changed its name from Nirbhay Colours India Limited to Craftroot Retail Limited effective December 17, 2025, though BSE has not yet reflected the change.
Shareholders can tender their shares at ₹10 per share during the tendering period. Existing public investors will see significant dilution of their stake as the acquirer group consolidates control to over 71%, which may reduce trading liquidity and could lead to delisting actions if minimum public shareholding falls below 25%. The change of name and business focus to retail/textiles signals a potential strategic shift.