In relation to the open offer made by Mr. Neerav Bairagi ('Acquirer') under Regulations 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) ....
Awaiting price reaction for this filing.
JMG Corporation Limited has informed BSE that a Draft Letter of Offer has been filed with SEBI on December 18, 2025, in connection with a mandatory open offer triggered under SEBI (SAST) Regulations 3(1) and 4. The acquirer, Mr. Neerav Bairagi, has signed a Share Purchase Agreement dated December 4, 2025 with existing promoter Mr. Atul Kumar Mishra to buy 84,80,331 equity shares (36.62% stake) at ₹4.20 per share, aggregating to about ₹3.56 crore. Following this, a public open offer is being made to acquire up to 60,21,053 shares (26% of voting capital) from public shareholders at ₹5.30 per share, totaling around ₹3.19 crore. Upon completion, Mr. Bairagi will become the new promoter and acquire control of JMG Corporation. The offer is tentatively scheduled to open on January 28, 2026 and close on February 10, 2026, managed by Srujan Alpha Capital Advisors LLP with Bigshare Services as the registrar.
This is a change-of-control transaction — the existing promoter is exiting and a new promoter is taking over via a secondary share purchase plus a mandatory open offer for public shareholders. Shareholders may choose to tender shares at ₹5.30 in the open offer window (Jan 28 – Feb 10, 2026), but the offer price is only marginally above the SPA price, and there is no assurance of acceptance if oversubscribed. The stock may see some price movement around the open offer window, but no major corporate restructuring is implied.