Sumedha Fiscal Services Ltd ("Manager to the Offer") has submitted to BSE a copy of Post-Offer Advertisement under Regulation 18(12) of SEBI (Substantial Acquisition of Shares and Takeovers) ....
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Bhaum Digital Ventures Private Limited made an open offer to acquire up to 63,37,864 equity shares (26% of expanded equity) of Jolly Plastic Industries Limited at Rs 10 per share. The offer opened on April 17, 2026 and closed on April 30, 2026. However, only 9,83,001 shares were tendered and accepted, representing just 4.03% of expanded equity, far below the 26% targeted. The acquirer had already acquired 1,77,00,000 shares (72.61%) via a Share Purchase Agreement and preferential allotment before the open offer. Post-offer, the acquirer holds approximately 76.64% of the company, with public shareholding reduced to about 23.36%. The manager to the offer was Sumedha Fiscal Services Limited.
The open offer attracted very low participation from public shareholders, indicating limited buyback interest at the offer price. The acquirer has now built a controlling stake of ~77%, significantly reducing free float and public shareholding.