Sumedha Fiscal Services Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public Shareholders of Jolly Plastic Industries Ltd ("Target Company").
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Awaiting price reaction for this filing.
Bhaum Digital Ventures Private Limited (the Acquirer) has filed a Draft Letter of Offer for an open offer to public shareholders of Jolly Plastic Industries Ltd (JPIL) to acquire up to 63,37,864 equity shares (26% of expanded share capital) at ₹10 per share, totalling about ₹6.34 crore. The open offer is a mandatory one triggered under SEBI (SAST) Regulations because of a Share Purchase Agreement signed on 21 January 2026, under which JPIL will acquire 100% of Sahaj Retail Limited (SRL) from the Acquirer for ₹17.70 crore. As consideration, JPIL will issue 1,77,00,000 fresh equity shares at ₹10 each to the Acquirer on a preferential basis, based on a swap ratio of 354 SRL shares for every 10 JPIL shares. Post-transaction, the Acquirer will hold 98.61% of JPIL and SRL will become a wholly owned subsidiary. The tendering period runs from 18 March 2026 to 6 April 2026. The acquirer will become the new promoter of JPIL and existing promoters will be reclassified as public shareholders.
This triggers a change of control at JPIL with a new promoter taking over and SRL becoming a wholly owned subsidiary, but the offer price of ₹10 per share is at face value, which may not be attractive to public shareholders. Shareholders face a risk of public shareholding falling below the mandatory minimum, which the Acquirer will need to restore.