We hereby inform you that the Acquirer has entered into a Share Purchase Agreement dated December 04, 2025 with the Promoter Seller ("Share Purchase Agreement/ SPA"), pursuant to which ....
Awaiting price reaction for this filing.
Mr. Neerav Bairagi (the Acquirer) has entered into a Share Purchase Agreement dated December 4, 2025, with the existing Promoter Sellers of JMG Corporation Ltd to acquire 84,80,331 equity shares, representing 36.62% of the company's equity and voting share capital, for an aggregate consideration of Rs. 3.56 crore (at Rs. 4.20 per share). Since this acquisition exceeds 25% and comes with control, it triggers a mandatory Open Offer under SEBI (SAST) Regulations for an additional 60,21,053 equity shares (26% of the expanded capital) from public shareholders at Rs. 5.30 per share. Upon completion, the Acquirer will become the new Promoter of the company and gain control of the Board, while the existing Promoter Group will reclassify into the public category under Regulation 31A(10).
This is a change-of-control event with a positive near-term price floor for public shareholders, who can tender shares in the Open Offer at Rs. 5.30 (a premium over the SPA price of Rs. 4.20). Post-completion, the stock will likely see lower public float and a new controlling shareholder, which could lead to volatility and governance changes.