Diggi Corporate Advisors Pvt. Ltd. ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the public shareholders of SJ Corporation Ltd ("Target Company").
Awaiting price reaction for this filing.
Four acquirers — Pintu Kanjibhai Kalavadia, Prashant Kanjibhai Kalavadia, Umang Kantilal Savani, and Kalpesh Patel — have made a mandatory open offer to buy up to 1,12,72,300 shares (26% of expanded voting share capital) of SJ Corporation Ltd from public shareholders at ₹12 per share in cash, totalling up to ₹13.52 crore at full acceptance. The offer is triggered under SEBI Takeover Regulations following a Share Purchase Agreement to acquire 49,20,000 shares (11.35%) from existing promoters for ₹5.90 crore and a preferential allotment of 2,17,00,000 shares (50.05%) to the acquirers for ₹26.04 crore. This will result in change of control and management, with existing promoters applying for declassification. The tendering period is tentatively from March 30, 2026 to April 15, 2026.
This triggers a change of control in SJ Corporation with the existing promoter group exiting. Public shareholders can tender shares at ₹12 each during the offer window, though they should note the offer is not conditional on minimum acceptance and acceptance will be proportionate if oversubscribed. The stock may see price movement based on whether ₹12 is perceived as attractive versus prevailing market price.