SFAL Speciality Alloys Limited filed a composite open offer cum delisting offer for Nilachal Refractories Limited at ₹22/share covering 59,83,928 shares (29.39% voting capital).
Acquirer entered SPA on March 11, 2026 to buy 70.61% promoter stake (1,43,77,522 shares) at ₹20/share totalling ₹28.75 crore from 26 seller entities.
Total composite offer consideration is ₹13.16 crore, fully funded in escrow at Axis Bank; delisting succeeds if acquirer reaches 90% post-offer shareholding.
Target Company has negative net worth of ₹3,265 lakhs as of February 2026 and equity shares trade under BSE GSM Stage 1 surveillance.