Navigant Corporate Advisors Limited ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer for the attention of Equity Shareholders of Midland Polymers Ltd ("the Company").
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Five acquirers (Mrs. Gayathri Boreddy, Mr. Jagannath Edla, Mr. Radha Krishna Avudari, Mr. Mahammad Amaan Shaik, Mr. Ravi Kiran Veeramalla) have submitted a Letter of Offer for a mandatory open offer under SEBI (SAST) Regulations. The offer seeks to acquire up to 97,50,000 equity shares (26% of expanded equity) at Rs. 10 per share, with the offer period from June 3 to June 16, 2026. The trigger for this open offer is a preferential issue where acquirers will receive approximately 1.49 crore equity shares (60.94% of emerging equity) through a share swap with JMRClean Energy Private Limited and cash subscription. Post-offer completion (assuming full acceptance), acquirers will hold 95.15% of the expanded equity capital. The target company currently has no operational revenue, and acquirers plan to diversify into new business activities.
Shareholders have an opportunity to exit at Rs. 10 per share (face value) during the tendering period. After the offer, public shareholding may fall below the required 25%, requiring acquirers to reduce non-public shareholding to meet listing norms.