Navigant Corporate Advisors Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Letter of Offer to the Shareholders of Adarsh Mercantile Ltd ("Target Company").
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Navigant Corporate Advisors Ltd has submitted the Letter of Offer to BSE for a mandatory open offer on Adarsh Mercantile Limited (BSE Code: 538563). The offer is being made by the Jaiswal family (Ajay, Vishal, Ashok, Poonam, Niharika, and Shikha Jaiswal) to acquire up to 42,95,200 equity shares (26% of share capital) at Rs. 42 per share, totaling about Rs. 18.04 crore. The offer is triggered by a Share Purchase Agreement for 16.28% stake at Rs. 42/share and a preferential allotment of 94,64,134 shares (57.29%) issued in kind against acquisition of Sai Machine Tools Pvt Ltd (SMTPL), which will become a wholly-owned subsidiary. Post-offer, assuming full acceptance, the Acquirers will hold 99.57% of Adarsh Mercantile and will need to bring down non-public shareholding to meet the 25% minimum public shareholding norm. The offer opens on June 9, 2025 and closes on June 20, 2025.
Shareholders of Adarsh Mercantile can tender their shares at Rs. 42 per share between June 9–20, 2025. The transaction represents a complete change of control, with new management (Jaiswal family) taking over and plans to diversify business operations. Stock may see activity around the open offer window.