Navigant Corporate Advisors Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Corrigendum to the detailed Public statement for attention to the Shareholders of Adarsh Mercantile ....
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Navigant Corporate Advisors has filed a corrigendum to the detailed public statement for an open offer to acquire up to 42,95,200 equity shares (26% of the equity capital) of Adarsh Mercantile Limited at Rs. 42 per share. The acquirers are six members of the Jaiswal family (Ajay, Vishal, Ashok, Poonam, Niharika, and Shikha Jaiswal). The acquirers have already purchased 26,90,000 shares on March 18, 2025 under a share purchase agreement dated February 6, 2025, and have appointed new directors to the target company's board. The corrigendum mainly revises the schedule of activities due to delayed SEBI comments, pushing the offer opening from April 1, 2025 to June 9, 2025, with closure on June 20, 2025.
Shareholders of Adarsh Mercantile now have a clearer timeline — they can tender shares between June 9 and June 20, 2025 at Rs. 42 per share. The revised schedule means the takeover process is delayed by roughly two months, but the offer price and other terms remain unchanged. Existing public shareholders should review the new dates and decide whether to participate in the open offer.