Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Public Announcement under Regulation 3 (1), Regulation 4 Read With Regulation 15 (1) And Regulation ....
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An open offer has been announced for shares of Western Ministil Ltd (BSE: 504998) by Mr. Kalpesh Patel and Mrs. Vandana Patel, who together will acquire up to 33,80,000 equity shares (26% of the expanded share capital) at Rs. 10 per share, totalling Rs. 3.38 crore. The open offer is triggered by the Board's November 26, 2025 approval of a preferential allotment of 35 lakh shares and 45 lakh convertible warrants to the acquirers, along with 5 lakh shares and 23.43 lakh warrants to other public investors. Post-allotment, the acquirers will hold 61.54% of the expanded equity and will be classified as promoters of the company. An EGM to approve the preferential issue is scheduled for December 24, 2025, and a detailed public statement will follow by December 3, 2025. The company's shares are classified as infrequently traded on BSE.
This represents a change in control, with the acquirers taking over as promoters. Existing public shareholders can tender their shares at the offer price of Rs. 10, though the infrequently traded status may limit pricing discovery. Dilution from the preferential issue and warrants is significant, expanding the share capital substantially.