Update on the Acquisition of Tandhan Polyplast Limited
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Sanmitra Commercial Ltd (BSE: 512062) has completed the acquisition of 100% of Tandhan Polyplast Limited (TPL), a plastic and polymer products manufacturer based in Howrah, West Bengal. The deal valued at Rs. 44.61 crore was executed entirely through a share swap — Sanmitra issued 2.97 crore equity shares at Rs. 15 each to the selling shareholders. TPL reported standalone turnover of Rs. 167.8 crore in FY25, up from Rs. 131.9 crore in FY24 and Rs. 115.6 crore in FY23, showing strong growth. The transaction is not a related-party deal and requires no government approvals. In addition, the board approved three more preferential allotments: 21.25 lakh shares at Rs. 15, 1.68 crore shares at Rs. 40, and 78.25 lakh convertible warrants at Rs. 15, raising additional capital from non-promoter allottees. The Jalan family (Acquirers Ankit and Anuj Jalan along with PACs) triggered an open offer on August 29, 2025, and will be reclassified as promoters post-completion, with the existing promoter group moving to the public shareholder category.
This is a transformative deal for Sanmitra Commercial — it pivots the company into the plastic/polymer products industry with a sizeable revenue base. However, shareholders should note significant equity dilution from the share swap and additional preferential allotments, and the change in promoter identity following the open offer will reshape shareholding structure. Short-term share price may face pressure from dilution; long-term depends on TPL's growth trajectory.