AI Champdany Open Offer for 26% Equity at ₹29.50

Offer Details

Offer Type: Mandatory Open Offer under Regulation 3(2) of SEBI (SAST) Regulations, 2011
Offer Size: Up to 79,95,997 fully paid-up Equity Shares of face value ₹5 each
Percentage: 26% of Equity Share Capital and 24.64% of Equity and Preference Voting Share Capital
Offer Price: ₹29.50 per Equity Share
Total Consideration: ₹23,58,81,912 (assuming full acceptance)

Triggering Event

The open offer is triggered by a Share Purchase Agreement dated November 02, 2026 between Acquirer 2 (G Jerambhai Exports Limited) and Jayshree Wadhwa (Seller) for acquisition of 40,74,129 equity shares representing 13.25% of equity share capital and 9.44% of equity and preference voting share capital.

Revised Offer Structure

Originally, two Share Purchase Agreements were executed on November 02, 2026:

1. Between Acquirer 1 and Blancatex AG for 42,66,666 shares (13.87%)

2. Between Acquirer 2 and Jayshree Wadhwa for 40,74,129 shares (13.25%)

The first SPA was cancelled via Termination Agreement dated November 07, 2026, but Acquirer 1 continues as an Acquirer for the open offer purpose.

Acquirer Information

Gunny Dealers Limited (Acquirer 1)

Business: Jute and jute products, trading, processing and manufacturing of allied agricultural commodities
Current holding in Target Company: 2,03,706 equity shares (0.66%)
Financials (₹ in Lakhs):
Total Revenue (June 2026 Unaudited): 1.01
Net Income (June 2026 Unaudited): 0.03
Net Worth (June 2026): 208.54

G Jerambhai Exports Limited (Acquirer 2)

Business: Trading, manufacturing, and processing of hemp, sisal, jute, cotton, yarn and other materials
Current holding in Target Company: 5,50,924 equity shares (1.79%)
Financials (₹ in Lakhs):
Total Revenue (June 2026 Unaudited): 0.23
Net Income (June 2026 Unaudited): 0.06
Net Worth (June 2026): 207.38

Persons Acting in Concert (PACs)

16 PACs are identified, all part of the promoter group of the Target Company, including:

Mr. Nirmal Pujara (PAC 1) - Ultimate Beneficial Owner holding 18,63,138 shares (6.06%)
Various corporate entities and trusts including Shibir India Limited, Amar Investments Limited, Rishra Investments Limited, and multiple trusts under Damodardas Jerambhai Wadhwa

Target Company Information

AI Champdany Industries Limited

Business: Manufacturing, processing, and trading of jute, jute products and allied fibrous materials
Listed on: BSE Limited (Security Symbol: AICHAMP, Security Code: 532806)
Share Capital:
Equity Shares: 3,07,53,831 shares of ₹5 each (₹15,37,69,155)
2% Non-Convertible Cumulative Preference Shares: 1,24,14,353 shares of ₹5 each (₹6,20,71,765)
0.1% Non-Convertible Non-Cumulative Preference Shares: 1,32,50,000 shares of ₹10 each (₹13,25,00,000)

Financial Information of Target Company (₹ in Lakhs)

| Total Revenue | 1500.88 | 21,116.05 | 9,123.77 | 5,214.62 |

| Net Income (PAT) | (558.05) | 945.61 | (6,103.29) | (3,957.21) |

Trading Status

The equity shares of the Target Company are infrequently traded on BSE Limited with annualized trading turnover of 2.85% of total listed shares during November 01, 2025 to October 31, 2026.

Financial Arrangements

Total funding requirement: ₹23,58,81,912
Escrow Account: "AICIL OPEN OFFER ESCROW ACCOUNT" with Kotak Mahindra Bank Limited
Escrow Deposit: ₹6,07,79,000 (more than 25% of total consideration)
Financial adequacy certified by CA Samar Kanti Bhatta of B.N. Mukherjee & Co.

Timeline

Public Announcement Date: November 02, 2026
Detailed Public Statement Publication: November 09, 2026
Tentative Tendering Period: December 28, 2026 to January 08, 2027
Payment Completion: By January 22, 2027
Final Report Filing: By February 01, 2027

Additional Information

Buying Broker: Vardhaman Capital Private Limited
Registrar to Offer: MCS Share Transfer Agent
The Detailed Public Statement was published in Financial Express (English), Jansatta (Hindi), Mumbai Lakshwadeep (Marathi), and Aajkaal (Bengali)