Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Post Open Offer Report to the equity shareholders of BJ Duplex Boards Ltd ("Target Company").
Awaiting price reaction for this filing.
The open offer for BJ Duplex Boards Ltd (BSE Code: 531647) has been formally completed under SEBI (SAST) Regulations 2011. The acquirers — Prabhatam Investments Pvt Ltd and Mr. Mayank Gupta — have together taken control of the company with a combined post-offer shareholding of 1,31,00,000 equity shares, representing 68.84% of the paid-up equity capital, acquired entirely through a preferential allotment at Re. 1 per share. The open offer itself, which was sized at up to 49,47,410 shares (26%) also at Re. 1 per share, received zero response from public shareholders because the market price during the tendering period (around Rs. 18.79 to Rs. 19.72) was nearly 20 times the offer price, so no shares were tendered and no payment consideration was required. The earlier promoters (holding 38.53%) will step down and be reclassified as public shareholders, while the acquirers become the new promoters. The company remains listed on BSE and continues to meet the minimum 25% public shareholding requirement (actual: 31.16%).
Public shareholders effectively rejected the open offer since the Re. 1 offer price was drastically below the prevailing market price of about Rs. 19–20. There is a change of control and promoter replacement at BJ Duplex Boards, but no cash payout to shareholders from this open offer; existing promoters have been reclassified as public, so free-float dynamics have shifted.