We have received a copy of the Public Announcement from Srujan Alpha Capital Advisors LLP (Lead Manager to the Issue), in connection with the open offer made by Mr. Neerav Bairagi ("Acquirer"), ....
Awaiting price reaction for this filing.
JMG Corporation Limited has informed BSE about a Public Announcement for a mandatory Open Offer by Mr. Neerav Bairagi under SEBI Takeover Regulations. The Acquirer has entered into a Share Purchase Agreement dated December 4, 2025, to buy 84,80,331 equity shares (36.62% of voting capital) from existing promoter Mr. Atul Kumar Mishra at ₹4.20 per share, totalling around ₹3.56 crore. Following this change in control, a mandatory open offer has been triggered for up to 60,21,053 shares (26% of voting capital) from public shareholders at ₹5.30 per share, amounting to approximately ₹3.19 crore in cash. The Acquirer currently holds NIL shares pre-transaction and will become the new promoter post-completion. The Acquirer has stated no intention to delist the company. Srujan Alpha Capital Advisors LLP is the Manager to the Offer.
This is a change-of-control event for a small, thinly-traded BSE-listed company. Existing promoter is exiting entirely and a new individual acquirer is taking over. The open offer price of ₹5.30 offers a premium over the SPA price of ₹4.20 paid to the promoter, giving public shareholders a chance to exit if they wish. Shareholders should watch for the Detailed Public Statement due by December 11, 2025.