Key Quantitative Figures

  • Offer Price: ₹28 per equity share
  • Offer Size: 14,37,420 equity shares (26.00% of paid-up capital)
  • Total Consideration: ₹4,02,47,760 (assuming full acceptance)
  • Current Paid-up Capital: ₹5,52,85,350 divided into 55,28,535 equity shares of ₹10 each
  • Acquirer's Net Worth: ₹114.77 crore as of March 31, 2026
  • Escrow Amount Deposited: ₹1,01,00,000 (25.13% of total offer consideration)

Dates of Action

  • Draft LOF Filed with SEBI: July 21, 2026
  • Public Announcement Date: July 07, 2026
  • Detailed Public Statement Date: July 14, 2026
  • Identified Date: August 13, 2026 (for shareholder eligibility)
  • Tendering Period Opens: August 28, 2026
  • Tendering Period Closes: September 10, 2026
  • Payment Date: By September 25, 2026
  • Last Date for Competing Offer: August 04, 2026
  • Last Date for Board Recommendation: August 24, 2026

Parties Involved

  • Acquirer: Mr. Ashish Begwani (individual)
  • Sellers: Mrs. Sarla Surana and Bbigplas Poly Private Limited (existing promoters)
  • Manager to Offer: VC Corporate Advisors Private Limited
  • Registrar to Offer: MUFG Intime India Private Limited
  • Buying Broker: Nikunj Stock Brokers Limited
  • Escrow Banker: ICICI Bank Limited
  • Target Company: Kkalpana Plastick Limited

Transaction Details

The open offer is triggered by Mr. Ashish Begwani's acquisition of 40,12,335 equity shares (72.58% of paid-up capital) from the existing promoters at ₹28 per share through a Share Purchase Agreement dated July 07, 2026. The total purchase consideration for this acquisition is ₹11,23,45,380.

Financial Arrangements

The acquirer has deposited ₹1,01,00,000 in an escrow account with ICICI Bank Limited, representing more than 25% of the total offer consideration. A chartered accountant has certified that the acquirer has sufficient financial resources to fulfill the offer obligations.

Shareholding Impact

  • Pre-offer Acquirer Holding: 0% (except SPA commitment)
  • Shares to be Acquired in Open Offer: 14,37,420 (26.00%)
  • Post-offer Acquirer Holding: 54,49,755 shares (98.58% assuming full acceptance)
  • Public Shareholding Post-offer: 78,780 shares (1.42%) - below minimum public shareholding requirement

Conditions and Approvals

The offer is subject to SEBI approval of this draft letter of offer. The acquirer has the right to withdraw the offer if any required statutory approvals are finally refused.

Procedure for Acceptance

The offer will be implemented through the stock exchange mechanism with BSE as the designated exchange. Shareholders can tender shares through:

1. Demat Shares: Through their brokers via the acquisition window

2. Physical Shares: By submitting complete documentation including share certificates, transfer deeds, and Form of Acceptance

Risk Factors

  • Potential delays in offer process due to regulatory approvals or litigation
  • No assurance regarding future market price or financial performance of target company
  • Post-offer public shareholding will fall below 25% requirement
  • Acquirer must bring public shareholding to required levels within 12 months

Target Company Financials (Standalone Audited)

Profit & Loss (₹ lakhs):

  • FY2026: Total Income ₹48.44, Profit After Tax ₹5.99
  • FY2025: Total Income ₹50.39, Profit After Tax ₹8.74
  • FY2024: Total Income ₹43.87, Loss After Tax ₹(3.69)

Balance Sheet (₹ lakhs):

  • FY2026: Net Worth ₹635.11, No secured/unsecured loans
  • FY2025: Net Worth ₹629.12
  • FY2024: Net Worth ₹620.38

Ratios:

  • EPS: FY2026 ₹0.11, FY2025 ₹0.16, FY2024 ₹(0.07)
  • Return on Net Worth: FY2026 0.94%, FY2025 1.39%, FY2024 (0.59%)

Market Price Information

  • July 07, 2026 (PA Date): ₹24.96
  • July 14, 2026 (DPS Date): ₹30.32
  • Offer Price: ₹28.00
  • Valuer's Fair Value: ₹12.71 per share

Documents for Inspection

Audited financial statements, memorandum of association, financial resource certificates, valuation report, share purchase agreement, and other offer-related documents are available for inspection at the manager's office and on company websites.