Srujan Alpha Capital Advisors LLP ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of JMG Corporation Ltd ("Target Company").
Awaiting price reaction for this filing.
JMG Corporation Ltd has filed the Letter of Offer for a mandatory open offer triggered under SEBI Takeover Regulations. Mr. Neerav Bairagi (Acquirer) is offering to buy up to 60,21,053 equity shares (26% of voting capital) from public shareholders at ₹5.30 per share, aggregating up to ₹3.19 crore. The offer follows a Share Purchase Agreement dated December 04, 2025, where the Acquirer will buy 84,80,331 shares (36.62%) from existing promoter Mr. Atul Kumar Mishra at ₹4.20 per share (₹3.56 crore). Post completion, Mr. Bairagi will become the new promoter of the company. The tendering period runs from February 17, 2026 to March 04, 2026. Post-offer public shareholding is expected to be 37.38%, which meets minimum public shareholding norms.
Public shareholders have a clear exit opportunity at ₹5.30 per share (a premium over the ₹4.20 SPA price). The change in promoter and acquisition of control may bring strategic shifts; shareholders should evaluate the acquirer's plans and await the Independent Directors' recommendation before tendering.