Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of Western Ministil Ltd ("Target Company").
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Navigant Corporate Advisors has submitted the Letter of Offer to BSE for a mandatory open offer on Western Ministil Ltd. The acquirers, Mr. Kalpesh Naginbhai Patel and Mrs. Vandana Patel (both Overseas Citizens of India based in Florida, USA), are making this open offer under SEBI Takeover Regulations following a preferential allotment. The offer is to acquire up to 33,80,000 equity shares (26% of expanded share capital) at Rs. 10 per share, totaling approximately Rs. 3.38 crore. The trigger is a preferential issue of 35 lakh shares plus 68,42,814 convertible warrants, which will give the acquirers 61.54% of expanded capital and result in a change of control. The offer opens on February 18, 2026 and closes on March 5, 2026. The existing promoter Satish Ramsevak Pandey will cease to be classified as promoter. The target company, formerly in steel manufacturing, currently has no operational revenue, and the new acquirers plan to revive or diversify the business.
Shareholders will get an exit opportunity at Rs. 10 per share, though this is also at the face value. There will be a complete change of control and likely board restructuring. With the company currently non-operational, the takeover represents a backdoor entry for the acquirers, and the stock may see speculative interest around the offer window.