Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the Equity Shareholders of Sanmitra Commercial Ltd ("Target Company").
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Navigant Corporate Advisors has submitted the Draft Letter of Offer to BSE for a mandatory open offer to the shareholders of Sanmitra Commercial Ltd (BSE: 512062). The offer is being made by Mr. Ankit Jalan and Mr. Anuj Jalan (acquirers), along with six family members acting in concert, at Rs. 15 per share for up to 1,49,76,000 equity shares, representing 26% of the expanded share capital. The offer is triggered by a Share Purchase Agreement to buy 4,74,350 shares from the existing promoter and a preferential allotment of 4,86,75,000 shares plus 78,25,000 convertible warrants, alongside the acquisition of 100% of Tandhan Polyplast Limited through a share swap valued at about Rs. 44.61 crore. Post-offer, the acquirer group's holding in Sanmitra could reach about 95.7% (assuming full acceptance), leading to a change of control. The offer opens on October 27, 2025 and closes on November 10, 2025. Sanmitra currently has no revenue and will effectively act as a listing vehicle for Tandhan Polyplast's business.
Existing shareholders of Sanmitra Commercial get a cash exit opportunity at Rs. 15 per share, but the offer price is well below the Rs. 40 per share being issued to new public investors in the preferential allotment, suggesting limited premium. The takeover will result in a change of control, with the promoter group taking Sanmitra private in substance and bringing in Tandhan Polyplast's business as a wholly-owned subsidiary.