Pursuant to Regulations 14(2) read with other applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as ....
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Kaushik Jagannath Joshi (Acquirer) along with 4 persons acting in concert (PACs) has triggered a mandatory open offer under SEBI (SAST) Regulations. The underlying transaction involves acquisition of 32,66,558 equity shares (4.81%) from promoter Hiren Shantilal Kothari at Rs. 1.00 per share via Share Purchase Agreement dated May 26, 2026. The open offer is for acquiring up to 3,39,68,300 equity shares representing 50% of total paid-up capital at Rs. 1.25 per share, totaling Rs. 4.24 crore in cash. Post-offer, acquirer along with PACs may hold up to 61.44% of voting capital if fully accepted. The offer is not conditional on minimum acceptance.
This open offer indicates a change of control is underway. Shareholders have an option to tender shares at Rs. 1.25. The stock may see price movement toward the offer price, though the small ticket size (face value Rs. 2, offer price Rs. 1.25) suggests limited financial impact for minority shareholders.