ICICI Securities Ltd ("Manager to the Open Offer") has submitted to BSE a copy of Post-Offer Advertisement in accordance with Regulation 18(12) of the Securities and Exchange Board of India ....
STYLAMIND · price
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Aica Kogyo Company Limited, a Japan-based company, completed an open offer to acquire up to 26% of Stylam Industries Limited at ₹2,250 per share. The offer, which opened on April 22, 2026 and closed on May 6, 2026, received poor response with only 4,66,116 shares (2.75% of voting capital) tendered against the offered 44,06,496 shares. The total consideration paid was approximately ₹104.88 crore versus the maximum possible ₹991.46 crore. Combined with the 40% stake already acquired via Share Purchase Agreements, Aica Kogyo now holds 29.87% of Stylam Industries. The Second Closing under SPA 2 is still pending consummation.
The open offer was significantly undersubscribed, indicating public shareholders did not fully accept the ₹2,250 offer price. The acquirer falls short of the intended 66% stake, leaving substantial public float remaining in the stock.