Bonanza Portfolio Limited ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Shareholders of Shentracon Chemicals Ltd ("Target Company").
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Bonanza Portfolio Limited, the Manager to the Offer, has submitted the Letter of Offer to BSE for an Open Offer to the public shareholders of Shentracon Chemicals Ltd. The Open Offer is triggered under SEBI (SAST) Regulations 3(1) and 4 following a Share Purchase Agreement (SPA) signed on September 4, 2025, under which the Acquirers will purchase 23,17,343 equity shares (52.22%) from existing Promoter Sellers at ₹0.50 per share. The Open Offer is for up to 11,53,917 equity shares (26% of equity capital) at the same price of ₹0.50 per share, with maximum consideration of just ₹5,76,958.50 (about ₹5.77 lakhs). The Offer opens on January 12, 2026 and closes on January 23, 2026. The Acquirers hail from the imitation jewellery sector with no prior direct experience in the chemicals industry. Shentracon has a total equity capital of ₹4.43 crore comprising 44,38,143 shares of ₹10 face value.
The Open Offer is at an extremely low price of ₹0.50 per share (against a face value of ₹10), suggesting either a deeply distressed or thinly-traded stock, and shareholders may want to evaluate current market price versus offer price before deciding. The transaction results in a complete change in management control to new promoters with no chemicals sector experience, which could carry execution risk. Post-offer, the existing Promoter Sellers will be declassified from promoter group, but Shentracon Financial Services Ltd continues as promoter with locked-in shares pending KYC.