Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer for attention to the Shareholders of Sanmitra Commercial Ltd ("Target Company").
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Navigant Corporate Advisors Ltd, the Manager to the Offer, has submitted the Letter of Offer to BSE for a mandatory open offer to the shareholders of Sanmitra Commercial Ltd (BSE: 512062). Mr. Ankit Jalan and Mr. Anuj Jalan, along with six persons acting in concert (all from the Jalan family), are offering to buy up to 1,49,76,000 equity shares (26% of expanded capital) at Rs. 15 per share, totaling about Rs. 22.46 crore. The offer is triggered by a preferential allotment of about 4.87 crore shares plus 78.25 lakh convertible warrants to the acquirers, done in kind against the transfer of 100% of Tandhan Polyplast Ltd (TPL) into Sanmitra Commercial at a swap value of Rs. 44.61 crore. Post completion, Tandhan Polyplast will become a wholly owned subsidiary of Sanmitra Commercial, and the existing promoter Prakash Bhoorchand Shah will exit entirely. The tendering window runs from January 6, 2026 to January 19, 2026, and an additional 1.68 crore shares were allotted to public investors at Rs. 40 per share on October 17, 2025.
Public shareholders of Sanmitra Commercial can tender their shares at a fixed price of Rs. 15 during the open offer window, providing a clear exit opportunity. The transaction represents a change of control with the Jalan family taking over and bringing in the Tandhan Polyplast business, which will significantly reshape the company's future operations and scale. Existing promoter Prakash Bhoorchand Shah is selling out completely.