Srujan Alpha Capital Advisors LLP ("Manager to the Offer") has submitted to BSE a copy of Detailed Public Statement in terms of Regulation 3(1) and Regulation 4 read with 13(4), 14(3) and ....
Awaiting price reaction for this filing.
Mr. Neerav Bairagi has made a mandatory open offer to acquire up to 60,21,053 equity shares (26% of voting share capital) of JMG Corporation Ltd at Rs. 5.30 per share, aggregating to a total consideration of approximately Rs. 3.19 crore assuming full acceptance. This follows a Share Purchase Agreement dated December 04, 2025, where Mr. Bairagi agreed to buy 84,80,331 shares (36.62%) from the existing promoter Mr. Atul Kumar Mishra at Rs. 4.20 per share, totalling about Rs. 3.56 crore. Post-offer, the acquirer's holding will rise to 62.62% of the company, resulting in a change of control and promoter. The target company, listed on BSE (Scrip Code: 523712), operates in green energy management consulting and trading, and the acquirer plans to expand into textile trading using his existing expertise. The acquirer's net worth is Rs. 1,084.47 lakhs as certified. The stock is currently under GSM Stage 2 surveillance measures on BSE.
This represents a change of control and promoter change at JMG Corporation, with the entire promoter stake being sold to a new acquirer at a slight premium. Shareholders can tender their shares in the open offer if they wish to exit at the offer price; otherwise, they remain invested with a new controlling party who intends to diversify operations into textiles. The offer price of Rs. 5.30 is modestly above the SPA price of Rs. 4.20, reflecting a small premium for public shareholders.