Navigant Corporate Advisors Limited ("Manager to the Offer") has submitted to BSE a copy of Post Offer Advertisement to the Equity Shareholders Jattashankar Industries Ltd ("Target Company").
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Awaiting price reaction for this filing.
Navigant Corporate Advisors has submitted a Post Offer Advertisement to BSE for the open offer made by five acquirers (Mr. Tarunkumar Patel, Mr. Vedant Patel, Mr. Vishal Ashara, Mr. Keval Khudai, and Mr. Nileshbhai Bapodara) to buy shares of Jattashankar Industries Ltd. The offer was priced at Rs. 60 per share for up to 11,40,646 shares (26% of capital), but only 583 shares were actually tendered — drastically undersubscribed against the target. The offer ran from March 19 to April 2, 2025, with payment made on April 8, 2025. Separately, the acquirers had already acquired 31,82,900 shares (72.55%) through a Share Purchase Agreement, giving them a post-offer holding of 72.56% of the company.
Acquirers have secured majority control of Jattashankar Industries at 72.56%, with public shareholding reduced to about 27.44%. The extremely poor response to the open offer (just 583 shares tendered vs. the 11.4 lakh target) signals that public shareholders did not find the Rs. 60 offer price attractive. With promoter-level ownership this high, the stock may face thin trading liquidity and could eventually face delisting pressure.