Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft 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 Ltd, the Manager to the Offer, has submitted the Draft Letter of Offer to BSE on behalf of acquirers Mr. Ankit Jalan and Mr. Anuj Jalan (along with 7 persons acting in concert). The acquirers are making a mandatory open offer to buy up to 60,61,900 equity shares (26% of emerging share capital) of Shah Foods Ltd at Rs. 62.50 per share, totaling around Rs. 37.88 crores. This offer is triggered by two underlying transactions: (1) a Share Purchase Agreement with existing promoters to acquire 2,92,839 shares (1.26%) at Rs. 60 per share, and (2) a preferential allotment of 2,27,17,500 shares (97.44%) including 1,58,85,037 shares issued in kind against acquisition of 1,67,00,000 shares of Tandhan Power Technologies Pvt Ltd. The deal results in a complete change of control, with acquirers and PACs holding up to 95.39% post-offer. Shah Foods, currently inactive in food trading, will make Tandhan Power Technologies its wholly owned subsidiary.
Existing public shareholders can tender their shares in the open offer at Rs. 62.50 per share between April 10-24, 2026. The transaction represents a change of control with a significant premium over the negotiated SPA price, and the stock may see heightened activity as the acquirers seek to consolidate ownership.