Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Public Announcement under Regulation 3(1) and Regulation 4 read with Regulation 15(1) and Regulation ....
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Midland Polymers Ltd (BSE: 531597) is the target of an open offer from a group of five acquirers — Gayathri Boreddy, Jagannath Edla, Radha Krishna Avudari, Mahammad Amaan Shaik, and Ravi Kiran Veeramalla. The acquirers are offering to buy 97,50,000 equity shares (26% of the expanded share capital) at Rs. 10 per share, totalling Rs. 9.75 crore in cash. The offer is triggered by the company's board approving a preferential allotment of shares and warrants to the acquirers on 27 March 2026, which will give them 69.15% of the expanded equity capital. As part of the deal, the acquirers will swap 1,05,40,500 shares of Midland Polymers to acquire 10 lakh shares of JMR Clean Energy Pvt Ltd, and the existing promoter will cease to be classified as promoter. An EGM is scheduled for 25 April 2026, and a Detailed Public Statement will be published by 7 April 2026.
Existing public shareholders can tender their shares at Rs. 10 each during the open offer window. The change in control means the existing promoter will lose promoter status, and the new acquirer group will become the new promoter of the company.