Open Offer Details

Offer Structure

  • Acquirer: Mr. Karronn Naresh Bajaj
  • Target Company: Mitshi India Limited (CIN: L91100MH1990PLC057373)
  • Offer Size: Up to 22,88,000 fully paid-up equity shares of face value ₹10/- each
  • Percentage: 26% of total voting share capital
  • Offer Price: ₹15 per equity share
  • Manager to Offer: Srujan Alpha Capital Advisors LLP (SEBI Registration No: INM000012829)

Timeline

  • Public Announcement Date: July 23, 2026
  • Detailed Public Statement Date: July 29, 2026
  • Offer Opening Date: Thursday, September 03, 2026
  • Offer Closing Date: Thursday, September 17, 2026
  • Payment Date: Thursday, October 01, 2026
  • Post-Offer Advertisement Date: October 08, 2026

Publication Details

The Post-Offer Advertisement was published in:

  • Financial Express (English Daily) all editions
  • Jansatta (Hindi Daily) all editions
  • Pratahkal (Marathi Daily)

Independent Directors Committee Recommendation

The IDC reviewed the following offer documents:

  • Public Announcement (PA) dated March 10, 2026
  • Detailed Public Statement (DPS) published on March 17, 2026
  • Draft Letter of Offer (DLOF) dated March 24, 2026
  • Letter of Offer (LOF) dated September 29, 2026

The IDC determined the Offer Price of ₹15 per equity share is fair and reasonable after considering:

  • Volume-weighted average market price of ₹0.84 per share for 60 trading days preceding PA
  • Highest price paid by acquirers during 26 weeks preceding PA: ₹0.83 per share
  • Volume-weighted average price paid during 52 weeks preceding PA: ₹0.74 per share
  • Highest negotiated price per equity share: ₹0.82 per share

Shareholding Impact

  • Pre-offer Acquirer Holding: 0.00% (Nil shares)
  • Post-offer Acquirer Holding: 26.00% (22,88,000 shares)
  • Public Shareholding Pre-offer: 100.00%
  • Public Shareholding Post-offer: 74.00%

Financial Details

  • Total Offer Value: ₹3,43,20,000 (at full acceptance)
  • Face Value per Share: ₹10
  • Registrar to Offer: Adroit Corporate Services Private Limited

Manager Information

Srujan Alpha Capital Advisors LLP

  • Corporate Office: 1814/1815, 9, Business Bay, Mindspace, Chincholi Bunder Road, Malad West, Mumbai, Maharashtra 400064
  • Registered Address: 112A, 1st floor, Arun Bazar, S.V. Road, Beside Bank of India, Malad (West), Mumbai - 400 064
  • Contact: +91 022-40143173; Email: mitshiopenoffer@srujanalpha.com
  • SEBI Registration: INM000012829 (Category I Merchant Banker)

Other Disclosures in Document

BSE Trading Member Surrender

ITI Gilts Ltd (SEBI Regn. No. INZ000103036) surrendered trading membership effective May 30, 2022. Constituents have one month to lodge complaints.

Special Window for Physical Securities Transfer

Multiple companies (Sumedha Fiscal Services, Kajaria Ceramics) announced special window for transfer and dematerialization of physical securities sold/purchased prior to April 1, 2019, open from February 5, 2026 to February 4, 2027.

Tac Infosec Limited Postal Ballot

Tac Infosec Limited announced postal ballot for four resolutions including ESOP scheme approval and subsidiary transfer, with e-voting from October 12 to November 10, 2026.

Expression of Interest for Sion Panvel Tollways

Form G invitation for expression of interest for corporate insolvency resolution process of Sion Panvel Tollways Private Limited.