Key Quantitative Figures

  • Offer Size: 10,77,778 equity shares (26% of voting share capital)
  • Offer Price: ₹42 per fully paid-up equity share
  • Total Maximum Consideration: ₹4,52,66,676
  • Escrow Amount Deposited: ₹1,14,00,000 (25.17% of maximum consideration)
  • Face Value per Share: ₹10
  • Current Paid-up Capital: ₹4,14,53,000 (41,45,300 shares)
  • Authorized Capital: ₹7,00,00,000

Dates of Action

  • Public Announcement Date: October 28, 2026
  • Detailed Public Statement Date: November 4, 2026
  • Draft Letter of Offer Filing Date: November 12, 2026
  • Identified Date: December 8, 2026
  • Tendering Period: December 22, 2026 to January 5, 2027
  • Settlement Completion Date: January 19, 2027
  • Last Date for Price Revision: December 18, 2026

Parties Involved

Acquirers:

  • Mrs. Kanika Chahal (Acquirer 1)
  • Mr. Anuj Chahal (Acquirer 2)

Manager to Offer: Fintellectual Corporate Advisors Private Limited (SEBI Reg No: INM000012944)

Registrar to Offer: Skyline Financial Services Private Limited (SEBI Reg No: INR000003241)

Escrow Bank: Yes Bank Limited (Account No: 078566200000119)

Buying Broker: Nikunj Stock Brokers Limited (SEBI Reg No: INZ000169335)

Promoter Sellers: Narendra Kachhawat, Mansoor Ahmed, Shalini Pokharna, Abha Parakh, Anurag Agarwal, Himmat Lal Sahu, Madhuri Agarwal, Raj Kumar Parakh, Rajesh Kumar, Umesh Kumar Sahu, Vinay Kumar Parmar, Yaqub Khan, and New Era Alkaloids and Export Limited

Triggering Transaction

Share Purchase Agreement dated October 28, 2026 for acquisition of 6,43,600 equity shares (15.53% of voting capital) from promoter sellers at negotiated price of ₹24 per share, aggregating to ₹1,54,46,400. This acquisition accompanied by change in management control triggers mandatory open offer under Regulation 4 of SEBI SAST Regulations.

Financial Arrangements

  • Acquirers have adequate financial resources from own sources/net worth
  • No borrowings from banks/financial institutions envisaged
  • Individual net worth certifications: Mrs. Kanika Chahal - ₹23.60 crore, Mr. Anuj Chahal - ₹63.65 crore
  • Firm financial arrangements certified by chartered accountant

Financial Impact

  • Maximum cash outflow of ₹4.52 crore for open offer acceptance
  • Additional ₹1.54 crore for promoter share acquisition
  • No quantified impact on Target Company's operations disclosed

Capital Structure Impact

Pre-offer Shareholding (as of September 30, 2026):

  • Promoter Group: 16.37% (6,78,700 shares)
  • Public Shareholders: 83.63% (34,66,600 shares)
  • Mr. Anuj Chahal existing holding: 3.02% (1,25,300 shares)

Post-offer Shareholding (assuming full acceptance):

  • Acquirers: 44.55% (18,46,678 shares)
  • Public Shareholders: 55.45% (22,98,622 shares)
  • Promoter Group: 0% (complete exit)

Procedure Details

  • Offer not conditional upon minimum acceptance
  • No competing offer as of document date
  • Tendering through BSE acquisition window
  • Physical share tendering permitted with specific documentation
  • Settlement through stock exchange mechanism
  • Proportionate acceptance in case of oversubscription

Risk Factors

  • Subject to statutory approvals if required later
  • Equity shares remain blocked during tendering period
  • Non-resident shareholders require RBI approvals
  • Possible withdrawal if statutory approvals refused
  • Delay in payment may attract 10% interest if attributable to acquirers

Target Company Financials (as of June 30, 2026)

  • Net Worth: ₹9.51 crore
  • Book Value per Share: ₹22.93
  • EPS (Q1 FY27): -₹0.09
  • Total Income (FY26): ₹8.96 lakh
  • Net Loss (FY26): ₹117.51 lakh

Additional Information

  • Target Company engaged in consultancy and management business
  • Listed on BSE Limited (Symbol: NATHUEC, ISIN: INE487B01019)
  • No subsidiaries or holding companies
  • Maintains minimum public shareholding requirement post-offer