Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Detailed Public Statement for the attention of the Equity Shareholders of Midland Polymers Ltd ("Target ....
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A group of five acquirers — Gayathri Boreddy, Jagannath Edla, Radha Krishna Avudari, Mahammad Amaan Shaik, and Ravi Kiran Veeramalla — have announced a mandatory open offer to buy up to 97,50,000 equity shares (26% of expanded capital) of Midland Polymers Ltd at Rs. 10 per share in cash. The offer is triggered by a preferential allotment (including a share swap involving JMRClean Energy Pvt Ltd) that will give the acquirers 69.15% of expanded share capital and management control. The acquirers, mostly from the clean energy and infrastructure sector, will be classified as new promoters while the existing promoter will be reclassified as a public shareholder. Midland Polymers is a small BSE-listed company with negative net worth (Rs. -205.10 lakhs as of Dec 2025) and has reported losses for the past three years, with a certified fair value of the equity share at NIL. The offer opens on May 25, 2026 and closes on June 8, 2026, with maximum consideration of Rs. 9.75 crores.
Public shareholders can tender their shares at Rs. 10 each during the offer window (May 25 – June 8, 2026). Given the stock is classified as 'infrequently traded' with negligible volumes and a certified fair value of NIL, the open offer price may serve as the only practical exit opportunity for shareholders. Post-offer, the acquirers could hold up to 95.15% on a diluted basis, raising concerns about minimum public shareholding falling below the 25% threshold.