Open offer at Rs 12 per share to buy 26% in Mahan Industries
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Draft Letter of Offer submitted to BSE for open offer to acquire 20,02,000 equity shares (26% of expanded voting capital) of Mahan Industries at Rs 12 per share, aggregating up to Rs 2.40 crore. Triggered under SEBI SAST Regulation 3(1) by Acquirers Nishil Shah and Niranjan Jain. Driven by a preferential allotment of 32 lakh shares and 2.16 crore convertible warrants, leading to change of control with Acquirers to hold 68.24% post-offer. Tender period: Sep 8 to Sep 22, 2026. RBI approval needed as target is an NBFC.
Open offer window runs Sep 8 to Sep 22 at Rs 12 per share. Change of control expected post-offer. Public shareholders can choose to tender or hold.