Narnolia Financial Services Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer for the attention of the Equity Shareholders of Nilachal Refractories Ltd ("Target ....
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SFAL Speciality Alloys Ltd (Acquirer) has triggered a mandatory Open Offer cum Delisting Offer for the public shareholders of Nilachal Refractories Ltd, pursuant to a Share Purchase Agreement (SPA) signed on March 11, 2026 to acquire 70.61% stake (1.43 crore shares) from existing promoters at ₹20 per share, aggregating ₹28.75 crore. The Acquirer is offering ₹22 per share to public shareholders for up to 59,83,928 shares (29.39% of voting capital), with maximum total consideration of ₹13.16 crore. The offer is a fixed-price delisting offer at ₹22 under SEBI (SAST) Regulations 3(1), 4, and 5A, with the delisting threshold set at 19.39% (39.47 lakh shares). If delisting fails, it falls back to a standard Open Offer at a Base Price of ₹20 per share. Tendering period runs from May 11, 2026 to May 22, 2026, with Narnolia Financial Services Ltd acting as Manager to the Offer.
Public shareholders can tender shares at ₹22 per share during the tendering window (May 11–22, 2026). Successful delisting will take the stock off BSE and Calcutta Stock Exchange, ending public trading liquidity; if delisting fails, the Acquirer still gains control but the stock remains listed. Existing promoters are exiting, leading to a change in management and board composition.