Mark Corporate Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Offer Opening Public Announcement under Regulations 18(7) of Securities and Exchange Board of India ....
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Awaiting price reaction for this filing.
Mark Corporate Advisors has submitted an Offer Opening Public Announcement for an Open Offer to acquire up to 15,60,000 equity shares (26.03% of voting capital) of Jetmall Spices and Masala Ltd at ₹12.50 per share. The Acquirers (Raman Aggarwal, Anju Aggarwal, and Shrey Aggarwal) have already bought 12,04,300 shares (20.10%) from the existing promoter via a Share Purchase Agreement at ₹11.00 per share, which was completed on August 11, 2025. The Committee of Independent Directors has deemed the offer price fair and reasonable. The tendering period runs from September 17, 2025 to September 30, 2025. Separately, the board has approved a preferential allotment of 1,52,82,000 convertible warrants at ₹23 per warrant (₹35.15 crore) and an increase in authorised capital from ₹6 crore to ₹22 crore.
This signals an effective change of control, with the new Acquirers likely to take management control while keeping the stock listed. Shareholders can tender shares at ₹12.50 during the offer window; the open offer price is higher than the SPA price of ₹11.00, providing an exit opportunity. The large preferential warrant issue could lead to further equity dilution post-open offer.