Outcome of Board Meeting held on 28th July, 2025
Awaiting price reaction for this filing.
Bijoy Hans Limited announced a change in management and control following the completion of an open offer under SEBI (SAST) Regulations, which closed on 3rd July 2025. The open offer by a group of four acquirers (U G Patwardhan Services Pvt Ltd, Kaushal Uttam Shah, Agri One India Ventures LLP, and Shantanu Surpure) for 19,50,010 equity shares (26% of voting capital) at Rs. 12.50 per share saw zero response, with no shares tendered. However, since 100% consideration was kept in escrow, management control transferred to the new promoters. The board was reshuffled, with Mr. Kaushal Uttam Shah becoming Chairman and Managing Director. Mr. Ashok Kumar Patawari stepped down as MD but remains as non-executive director, while other directors and the CFO from the old management resigned. Two new independent directors were appointed, along with a new CFO and statutory auditor. The company also reported Q1 FY26 results with total income of Rs. 3.41 lakhs and a net loss of Rs. 25.29 lakhs, worse than the Rs. 5.25 lakh loss in Q1 FY25.
This filing confirms a complete change of control at Bijoy Hans, with the new promoter group now in charge despite the open offer receiving no shareholder response. Shareholders should expect strategic shifts under the new management headquartered in Sangli. The widening quarterly losses and the preferential allotment of 45 lakh shares at Rs. 12.50 to new promoters (raising Rs. 5.62 crores) signal a potential restructuring phase ahead. The 40th AGM is scheduled for 25th August 2025.