Please find attached outcome of Board Meeting.
Awaiting price reaction for this filing.
SJ Corporation's board has approved a major change of control where existing promoters Savji Patel and Ushaben Patel will sell their entire 58.89% stake (49,20,000 shares) to a new group of acquirers led by Pintu Kalavadia, Prashant Kalavadia, Umang Savani, and Kalpesh Patel for about Rs 5.90 crore (Rs 12 per share). The new promoters will also trigger an open offer to public shareholders as required by SEBI takeover rules. To fund a strategic acquisition, the board approved issuing 3.5 crore fresh equity shares at Rs 12 each (raising up to Rs 42 crore) to the incoming promoters and other investors. The company plans to acquire 99.99% of Fishfa Rubbers Limited (FRL), a rubber manufacturer with turnover of about Rs 163 crore in FY25, for Rs 47.16 crore — making FRL a wholly owned subsidiary. The company's main business objective is being changed to rubber and related activities to align with the new management's plans. An EGM is scheduled for March 2, 2026 to seek shareholder approvals.
This is a transformational event for the company — a complete change of promoter, business pivot toward the rubber sector, and a large acquisition. Shareholders should note the open offer trigger (price and timing will come later), potential equity dilution from the Rs 42 crore preferential issue, and that the stock could see sharp swings as the takeover and acquisition process unfolds subject to SEBI and shareholder approvals.