Key Developments

Delisting Offer Details

  • Acquirer: Geetanjali Trading and Investments Private Limited (promoter group member)
  • Promoter group holding: 74.43% as of 31st March 2026
  • Public shareholding: 25.57% (43,91,220 shares)
  • Total paid-up equity capital: 1,71,75,700 shares of ₹10 each
  • Initial Public Announcement made on 25th May 2026 after market hours
  • Reference Date for valuation: 26th May 2026

Floor Price Determination

  • Floor price determined in accordance with Regulation 19A of SEBI Delisting Regulations, 2021
  • Independent valuer: Gaurang Rajesh Shah, Chartered Accountant and Registered Valuer (IBBI MRN: IBBI/RV/06/2019/11305)
  • Financial statements used: Audited Consolidated Financial Statements as at 31st March 2026
  • Floor price determined: ₹252 per equity share

Indicative Offer Price

  • Acquirer announced indicative price: ₹353 per equity share
  • Indicative price is higher than the regulatory floor price of ₹252

Methodology Used

Regulation 19A requires floor price to be highest of five parameters:

1. 52-week VWAP of acquirer acquisitions - Not applicable (no acquisitions in 52 weeks)

2. Highest price in 26 weeks - Not applicable (no acquisitions in 26 weeks)

3. Adjusted Book Value (consolidated) - ₹252 per share (computed)

4. 60-trading-day VWAP on NSE - ₹148.82 per share (computed)

5. Registered valuer determination - Not applicable (shares frequently traded)

Adjusted Book Value Computation

Based on consolidated balance sheet as at 31st March 2026:

  • Component A (book value of assets excluding specific items): ₹37,084.58 lakhs
  • Component B (jewellery/artistic works): Nil
  • Component C (fair market value of investments): ₹114.03 lakhs
  • Component D (stamp duty value of immovable property): ₹26,366.92 lakhs
  • Component L (liabilities after exclusions): ₹20,284.89 lakhs
  • Total Adjusted Book Value: ₹43,280.64 lakhs
  • ABV per share: ₹252 (₹43,280.64 lakhs / 1,71,75,700 shares)

60-Day VWAP Computation

  • Exchange: NSE (maximum trading volume)
  • Period: 23rd February 2026 to 25th May 2026 (60 trading days)
  • Total traded volume: 44,142 shares
  • Total traded value: ₹73,72,596.84
  • VWAP: ₹148.82 per share

Property Valuation

  • Property valuer: Kanti Karamsey & Co., Registered Valuers
  • Valuation report date: 21st May 2026
  • Stamp duty value of immovable properties: ₹26,366.92 lakhs
  • Includes leasehold land at Ahilyanagar MIDC (₹515.95 lakhs) and buildings/structures (₹25,850.97 lakhs)

Board Appointments

  • Company appointed Robert Pavrey & Associates LLP (UIN: L2024MH016100) as peer review company secretary
  • Appointment made via circular resolution on 28th May 2026
  • Mandate: Due diligence under Regulation 10(3) and audit under Regulation 12(2) of SEBI Delisting Regulations

Key Assumptions and Limitations

  • Reliance on audited financial statements as at 31st March 2026 without independent verification
  • Stamp duty values based on property valuer's report without independent verification
  • Investment values adopted from balance sheet carrying amounts
  • No material adverse change assumed between 31st March 2026 and Reference Date