Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer for the attention of the equity shareholders of Shah Foods Ltd ("Target Company").
Awaiting price reaction for this filing.
Navigant Corporate Advisors has submitted the Letter of Offer for a mandatory open offer by Mr. Ankit Jalan and Mr. Anuj Jalan (along with 7 Persons Acting in Concert including Jalan Sarees Private Limited and family members) to acquire up to 60,61,900 equity shares (26%) of Shah Foods Ltd at Rs. 62.50 per share. The offer opens on 13th May 2026 and closes on 26th May 2026. This open offer is triggered under SEBI (SAST) Regulations due to the acquirers gaining control through: (1) a Share Purchase Agreement with existing promoters for 1.26% stake, and (2) a preferential allotment of shares (1,58,85,037 equity shares) to acquirers and PACs against acquisition of Tandhan Power Technologies Private Limited. Post all transactions (assuming full acceptance), acquirers and PACs will hold 95.39% of the company. Shah Foods currently has no business operations with nil revenue.
Shareholders have an opportunity to tender shares at Rs. 62.50, representing a premium. The acquirers will gain substantial control (~95% stake) and may expand business activities through this listed platform. Post-offer, public shareholding may fall below the required 25% minimum.