Narnolia Financial Services Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Detailed Public Statement in terms of Regulations 3(1), 4 and 5A read with Regulations 13(4), ....
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On the reaction day the stock moved 2.3 pts more than Nifty Microcap 250 and 3.0 pts more than its Electrodes & Refractories peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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SFAL Speciality Alloys Ltd (Acquirer) has issued a Detailed Public Statement to acquire 59,83,928 equity shares (29.39% of voting capital) of Nilachal Refractories Ltd from public shareholders at ₹22.001 per share, totaling about ₹13.16 crore. This follows a Share Purchase Agreement signed on March 11, 2026, under which the Acquirer is buying 70.61% stake from existing Jalan family promoters and related entities at ₹20.00 per share. The Open Offer is also being made as a Delisting Offer under SEBI Delisting Regulations, meaning the Acquirer intends to delist the company from BSE (CSE listing is already suspended). The target company is in poor financial health with negative net worth of around ₹(3,265) lakhs and consistent losses. Narnolia Financial Services Ltd is the Manager to the Offer.
Public shareholders can tender their shares at ₹22.001 per share, which is above the SPA price of ₹20. The likely intent is delisting, so shareholders who do not tender may end up holding illiquid shares in a delisted entity. Given the company's weak financials and suspended CSE listing, this offer may be the most practical exit opportunity for retail investors.