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 Shah Foods Ltd ("Target Company").
Awaiting price reaction for this filing.
Navigant Corporate Advisors, the Manager to the Offer, has filed the Detailed Public Statement for a mandatory Open Offer on Shah Foods Ltd (BSE: 519031). Acquirers Mr. Ankit Jalan and Mr. Anuj Jalan, along with 7 persons acting in concert (Jalan family entities), are offering to buy up to 60,61,900 equity shares (26% of expanded share capital) at Rs. 62.50 per share, with maximum consideration of about Rs. 37.89 crore. The offer follows a preferential allotment and share purchase agreement that gives the acquirers 69.39% control of Shah Foods, triggering the open offer under SEBI Takeover Regulations. Shah Foods is a small, BSE-listed, infrequently-traded firm currently in fruit and vegetable trading, with negative net worth of Rs. 67.20 lakhs as of December 2025 and virtually no operating revenue in the 9 months ended that date. The Open Offer window runs from April 10 to April 24, 2026.
Public shareholders can tender their shares at Rs. 62.50 until April 24, 2026. The stock is changing hands to a new promoter group (Jalan family), which plans to keep and potentially diversify the business, and may restructure the board after completion. Given the company's weak financials, infrequency of trading, and negative net worth, retail investors should weigh the exit opportunity against the illiquidity of the scrip.