Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Public Announcement under Regulation 3(1), Regulation 4 read with Regulation 15(1) and Regulation ....
Awaiting price reaction for this filing.
The Jalan family — Ankit Jalan and Anuj Jalan as Acquirers along with 7 persons acting in concert — has launched a mandatory open offer to buy up to 60,61,900 equity shares (26% of the emerging capital) of Shah Foods Ltd at Rs. 62.50 per share, totaling about Rs. 37.89 crores in cash. The offer is triggered by two underlying transactions: (1) a preferential allotment where Shah Foods will issue 1,58,85,037 new shares to the Acquirers in kind, against acquisition of shares in Tandhan Power Technologies Pvt Ltd, and (2) a Share Purchase Agreement to buy 2,92,839 shares (1.26%) from existing promoters at Rs. 60 per share. After completion, the Acquirers and PACs will hold 69.39% of the expanded share capital, resulting in a complete change of control from the existing Bhandari/Patel promoter group to the Jalan family. The company will also issue 68,32,463 shares to public investors at Rs. 110 per share. An EOGM is scheduled for March 6, 2026, and the Detailed Public Statement will be published by February 17, 2026. Shah Foods' shares are classified as infrequently traded on BSE.
This is a change-of-control transaction, giving public shareholders a fixed-price exit opportunity at Rs. 62.50 per share. The stock may see renewed trading interest and possible re-rating given the shift in promoter identity and the new business direction (power technologies) being brought in via the Tandhan Power Technologies swap.