ICICI Securities Limited has submitted to the Exchange a copy of POST-OFFER ADVERTISEMENT IN ACCORDANCE WITH REGULATION 18(12) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011, AS AMENDED, FOR THE ATTENTION OF THE PUBLIC SHAREHOLDERS OF the Company.
STYLAMIND · price
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Aica Kogyo Company, Limited (Japan) has completed an open offer to acquire up to 26% voting shares of Stylam Industries Limited at ₹2,250 per share. The offer opened on April 22, 2026 and closed on May 6, 2026. However, the offer was significantly undersubscribed — only 4,66,116 shares were tendered and accepted against the proposed 44,06,496 shares, raising just ₹104.88 crore versus the planned ₹991.46 crore. Prior to the open offer, Aica Kogyo had already acquired 40% stake through Share Purchase Agreements. Post-offer, the acquirer holds 29.87% of Stylam (50,62,984 shares), while public shareholding reduced from 45.90% to 43.14%. The second closing under SPA 2 is yet to be consummated.
The weak response to the open offer suggests limited retail shareholder participation at the offered price. The acquirer still gains a significant ~30% stake through the combination of SPAs and open offer, but falls short of the planned 53.12% post-offer holding. This may indicate the ₹2,250 price was not attractive enough to lure minority shareholders.