Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer for the attention of the equity shareholders of Western Ministil Ltd ("Target Company").
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Navigant Corporate Advisors, the Manager to the Offer, has submitted the Draft Letter of Offer for a mandatory open offer to the public shareholders of Western Ministil Ltd (WML, BSE Code: 504998). The open offer is triggered by Mr. Kalpesh Naginbhai Patel and Mrs. Vandana Patel (both US-based OCI holders) acquiring 35,00,000 equity shares and 45,00,000 convertible warrants via preferential allotment at Rs. 10 per share, which results in a change of control. The acquirers are offering to buy up to 33,80,000 additional equity shares (26% of expanded share capital) from public shareholders at Rs. 10 per share, for an aggregate consideration of about Rs. 3.38 crore if fully subscribed. Post-offer, the acquirers would collectively hold about 87.54% of the expanded share capital, and existing promoter Satish Ramsevak Pandey would be reclassified as a public shareholder. WML is currently a non-operational steel manufacturer, and the acquirers plan to continue or diversify the business after the takeover. The open offer window runs from January 19, 2026 to February 2, 2026, with payment scheduled by February 16, 2026.
Public shareholders can tender shares at Rs. 10 per share during the open offer window (Jan 19 – Feb 2, 2026). Given the acquirers would end up holding ~87.5%, public shareholders should note the risk of low free float, possible illiquidity, and the acquirers' stated intent to alter the company's object clause and potentially change its business direction.