Transaction Details

Mr. Ashish Begwani (Acquirer) is making a mandatory open offer to acquire up to 14,37,420 fully paid-up equity shares of face value ₹10 each, representing 26.00% of the total paid-up equity and voting share capital of Kkalpana Plastick Limited (Target Company).

The offer price is ₹28 per equity share payable in cash, aggregating to ₹4,02,47,760 (assuming full acceptance).

Triggering Event

This open offer is triggered under Regulations 3(1) and 4 of SEBI (SAST) Regulations due to the Acquirer's entry into a Share Purchase Agreement dated July 07, 2026 with the outgoing Promoter/Promoter Group of the Target Company:

  • Mrs. Sarla Surana (holding 1,000 shares, 0.02%)
  • Bbigplas Poly Private Limited (holding 40,11,335 shares, 72.56%)

Total acquisition: 40,12,335 shares representing 72.58% of paid-up capital at a negotiated price of ₹28 per share (aggregate ₹11,23,45,380).

Acquirer Information

Mr. Ashish Begwani, resident of B-54, Paschimi Marg, Vasant Vihar-1, Delhi - 110057, PAN: AAGPB6672F.

  • Holds Bachelor's degree in commerce from Ramjas College, University of Delhi
  • Seasoned entrepreneur with three decades of experience in real estate, NBFC, and hospitality
  • Net worth: ₹114.77 crores as of March 31, 2026 (certified by CA Sourabh Kumar Banal)
  • Holds directorships in several private companies but no listed public companies
  • No Persons Acting in Concert (PAC) for this offer
  • Does not currently hold any shares in Target Company

Target Company Information

Kkalpana Plastick Limited (CIN: L25200WB1989PLC047702)

  • Primarily engaged in dealing in Plastic Compound but has not generated revenue from operations for several years
  • Generating income from interest on loans extended to related party
  • Authorized Share Capital: ₹8,00,00,000 divided into 80,00,000 equity shares of ₹10 each
  • Paid-up Equity Share Capital: ₹5,52,85,350 comprising 55,28,535 equity shares of ₹10 each
  • Listed on BSE (since January 25, 1993) and CSE (since July 31, 1992)
  • Trading on BSE is under Graded Surveillance Measures: Stage 0
  • Shares were previously suspended multiple times on both exchanges for non-compliance

Financial Information (Standalone Audited)

(Amount in ₹ Lakhs except EPS)

| Particulars | FY2026 | FY2025 | FY2024 |

| Total Revenue | 48.44 | 50.39 | 43.87 |

| Net Income | 5.99 | 8.74 | (3.69) |

| EPS | 0.11 | 0.16 | (0.07) |

| Net worth | 635.11 | 629.12 | 620.38 |

Shareholding Impact

| Particulars | No. of Shares | % Holding |

| Pre-offer holding | Nil | 0.00% |

| Acquisition via SPA | 40,12,335 | 72.58% |

| Open Offer acquisition* | 14,37,420 | 26.00% |

| Post-offer holding* | 54,49,755 | 98.58% |

*Assuming full acceptance

Offer Price Justification

The offer price of ₹28 per share is justified under Regulation 8(2) of SEBI (SAST) Regulations:

  • Highest negotiated price per share under SPA: ₹28
  • Independent valuation by Hitesh Lilha (IBBI Regn.: IBBI/RV/06/2021/13767): ₹12.71 per share
  • Equity shares are infrequently traded (1.17% turnover on BSE in past 12 months)
  • No corporate actions in last one year requiring price adjustment

Financial Arrangements

  • Maximum consideration payable: ₹4,02,47,760
  • Acquirer has deposited ₹1,01,00,000 (more than 25% requirement) in escrow account "ASHISH BEGWANI KPL OPEN OFFER ESCROW ACCOUNT" (Account No.: 000405166836) with ICICI Bank Limited
  • Firm financial arrangements made from own sources/net worth, no borrowings required
  • Manager to the Offer confirms adequate financial resources are available

Minimum Public Shareholding

Post-offer, public shareholding may fall below mandatory 25% requirement. Acquirer undertakes to facilitate compliance within 12 months through permitted routes as per Regulation 7(4) of SEBI (SAST) Regulations and SEBI (LODR) Regulations.

Timeline of Activities

| Activity | Date | Day |

| Public Announcement Date | July 07, 2026 | Tuesday |

| Detailed Public Statement Publication | July 14, 2026 | Tuesday |

| Identified Date | August 13, 2026 | Thursday |

| Commencement of Tendering Period | August 28, 2026 | Friday |

| Closing of Tendering Period | September 10, 2026 | Thursday |

| Payment of Consideration | By September 25, 2026 | Friday |

Appointments

  • Manager to the Offer: VC Corporate Advisors Private Limited
  • Registrar to the Offer: MUFG Intime India Private Limited
  • Buying Broker: Nikunj Stock Brokers Limited (SEBI Regn.: INZ000169335)
  • Escrow Banker: ICICI Bank Limited

Other Information

  • Equity shares can be tendered through BSE's Acquisition Window
  • Physical share holders are eligible to tender shares
  • The Detailed Public Statement is available on websites of SEBI, BSE, CSE, Registrar, and Manager to the Offer