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 Shashank Traders Ltd ("Target Company").
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Narnolia Financial Services, acting as Manager to the Offer, has submitted the Draft Letter of Offer for a mandatory open offer to the equity shareholders of Shashank Traders Ltd. The offer is being made by AVB Endeavors Private Limited, Prilika Enterprises Private Limited and Mr. Aditya Vikram Birla (collectively the Acquirers) under SEBI Takeover Regulations, triggered by a Share Purchase Agreement signed on November 7, 2025 with the current promoter Praveen Jaswant Rai Jain. The Acquirers are offering to buy up to 15,46,900 equity shares (50% of voting capital) at ₹30 per share, totalling about ₹4.64 crore in cash. Via the underlying SPA, the Acquirers will also directly acquire 8,24,600 shares (26.65%) from the promoter, giving them a combined 76.65% stake and full change of control of the company. The offer opens on December 31, 2025 and closes on January 14, 2026.
This is a change-of-control takeover event for retail shareholders of Shashank Traders Ltd. Shareholders can tender their shares in the open offer window at a fixed price of ₹30, or choose to hold and wait for any post-acquisition re-rating. The Acquirers have indicated plans to expand into new business segments, which may affect the company's future direction and share price.