Narmolia Financial Services Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Public Announcement under Regulation 3(1), 4 and 5A read with Regulation 13, 14 and 15(1) of ....
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SFAL Speciality Alloys Ltd (the Acquirer) has signed a Share Purchase Agreement on March 11, 2026 with the existing promoters of Nilachal Refractories Ltd to buy 1,43,77,522 equity shares (70.61% of paid-up capital) at Rs. 20 per share, totalling about Rs. 28.75 crore. This triggers a mandatory open offer under SEBI Takeover Regulations for an additional 59,83,928 shares (29.39%) from public shareholders at an indicative price of Rs. 22 per share, taking the total deal value up to roughly Rs. 13.16 crore. The Acquirer has also expressed its intention to delist Nilachal Refractories from BSE and Calcutta Stock Exchange, with a minimum tender condition of 19.39% (about 39.4 lakh shares) needed for the delisting to succeed. If the minimum is not met, the offer will fall back to a standard open offer for 19.39% at the base price of Rs. 20. Narnolia Financial Services is the manager to the offer, and a Detailed Public Statement is expected on or before March 18, 2026.
Public shareholders get an exit opportunity at Rs. 22 per share, a 10% premium over the base price of Rs. 20. If delisting succeeds, the stock will no longer trade on BSE/Calcutta Stock Exchange post the offer; if it fails, the stock remains listed and trading continues with the new controlling shareholder. Short-term: likely positive price movement on the news given the takeover premium and exit option.