Srujan Alpha Capital Advisors LLP ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer for the attention of the Public Shareholders of JMG Corporation Ltd ("Target Company").
Awaiting price reaction for this filing.
Mr. Neerav Bairagi (Acquirer) is making a mandatory open offer to public shareholders of JMG Corporation Ltd to acquire up to 60,21,053 equity shares (26% of voting capital) at ₹5.30 per share, aggregating up to ₹3.19 crore. This open offer is triggered by a Share Purchase Agreement dated December 04, 2025, under which the Acquirer is buying 84,80,331 shares (36.62%) from existing promoter Mr. Atul Kumar Mishra at ₹4.20 per share, totalling ₹3.56 crore. Post-transaction, the Acquirer will become the new promoter of the company, with public shareholding settling at 37.38%. The offer opens on January 28, 2026 and closes on February 10, 2026. The Draft Letter of Offer has been filed with SEBI for review under Regulation 16(1) of SEBI (SAST) Regulations, 2011.
This is a change-of-control transaction at the promoter level. Public shareholders can tender their shares at ₹5.30 during the offer window (Jan 28 – Feb 10, 2026) or hold on depending on their view of the new promoter's plans. The offer is not conditional on minimum acceptance, but shares tendered beyond 26% will be accepted on a proportionate basis.