Navigant Corporate Advisors Ltd ("Manager to the Offer") has submitted to BSE a copy of Detailed Public Statement for the attention of the equity shareholders of Western Ministil Ltd ("Target ....
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Mr. Kalpesh Patel and Mrs. Vandana Patel (both Overseas Citizens of India based in Florida, USA) have made a mandatory open offer to acquire up to 33,80,000 equity shares (26% of expanded capital) of Western Ministil Ltd at Rs. 10 per share, totaling a maximum consideration of Rs. 3.38 crores. The offer is triggered by a proposed preferential allotment of 35 lakh equity shares and 45 lakh convertible warrants to the acquirers, which will take their combined holding to 61.54% of the expanded share capital and result in a change of control. The company is currently not carrying on any business and has no revenue, with a fair value of just Rs. 0.50 per share as certified by an independent valuer. The open offer opens on January 16, 2026 and closes on February 9, 2026.
Existing public shareholders can tender their shares at Rs. 10 per share — well above the fair value of Rs. 0.50 — but the acquirers' combined 61.54% post-issue stake signals a complete change of control and a likely shift in business direction for this dormant steel manufacturing company.