Open offer by five individual acquirers to purchase up to 97.5 lakh shares (26% stake) in Midland Polymers at ₹10 per share, triggered by preferential allotment.
Offer made pursuant to SEBI SAST Regulations 2011 due to acquisition of control via preferential issue of 1.49 crore shares and 1.3 crore warrants.
Financial arrangements include ₹2.5 crore escrow deposit with Kotak Mahindra Bank; offer opens June 3 and closes June 16, 2026.
Post-offer acquirers will hold 95.15% of expanded capital; target company currently has no operational revenue and negative net worth.