BSESJ Corporation LtdHighNeutral
Announced Fri, 6 Feb · 13:48 IST

Diggi Corporate Advisors Pvt. Ltd. ("Manager to the Offer") has submitted to BSE a copy of Detailed Public Statement in terms of Regulation 3(1)and 4 read with Regulation 13(4), 14(3), ....

Listed Co AcquisitionOpen Offer TriggeredStrategic Transactions View source PDF
Price reaction · full curve

Awaiting price reaction for this filing.

AI summary

Diggi Corporate Advisors has filed a Detailed Public Statement for a mandatory Open Offer for SJ Corporation Limited (BSE: 504398) at ₹12.00 per share, aggregating up to ₹13.52 crore for 26% of expanded capital. The offer follows a Share Purchase Agreement where four acquirers—Pintu Kanjibhai Kalvadia, Prashant Kanjibhai Kalvadia, Umang Kantilal Savani, and Kalpesh Patel (all promoters of Fishfa Rubbers, Fishfa Biogenics, and Fishfa World Trade)—will buy 11.35% from existing promoters Savjibhai Patel and Ushaben Savjibhai Patel for ₹5.90 crore, and a Share Subscription Agreement to subscribe to 50.05% via preferential issue for ₹26.04 crore, all at ₹12 per share. Post-transaction, the acquirers will collectively hold 87.40% and gain management control, while existing promoters will be declassified. The offer price of ₹12 is higher than the registered valuer's fair value of ₹10.32 per share. The target is loss-making, with FY25 net loss of ₹20.18 lakhs on revenue of ₹1,543.24 lakhs.

Likely market impact

Public shareholders get an exit opportunity at ₹12 per share, a ~16% premium over the valuer's fair value of ₹10.32. Existing promoters are exiting entirely, triggering a complete change of control to the Fishfa group. With post-offer holding of 87.40%, the new acquirers may need to take steps to restore minimum public shareholding within 12 months. The deal signals a rescue/turnaround play given the company's recent losses and declining revenue.