Navigant Corporate Advisors Limited ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer for the attention of the Equity Shareholders of BJ Duplex Boards Ltd ("Target Company").
Awaiting price reaction for this filing.
BJ Duplex Boards Ltd is undergoing a change of control triggered by a preferential allotment. Acquirers Prabhatam Investments Pvt Ltd and Mr. Mayank Gupta have already been allotted 1,31,00,000 equity shares (68.84% of post-issue capital) at Re. 1 per share, taking them into promoter status. As this crosses the takeover threshold, a mandatory open offer for an additional 26% (49,47,410 shares) at Re. 1 per share has been triggered under SEBI (SAST) Regulations. The offer opens on November 4, 2025 and closes on November 18, 2025. The target company is currently non-operational with no revenue, and the acquirers plan to start a new line of business after taking control. Post-offer, the acquirers could hold up to 94.84% of the company, with existing promoters being reclassified to public category.
Existing public shareholders can tender their shares in the open offer at Re. 1 per share (same as face value), reflecting the dormant nature of the business. The low offer price and the shell-like status of the company mean this is essentially a control acquisition by the acquirers, who may revive the listed entity with new business activities. Shareholders should weigh exiting at Re. 1 against holding for any potential future revival once new business is started.