Key Transaction Details
Parties Involved:
- Acquirer: Mr. Karronn Naresh Bajaj (no existing relationship with the company)
- Sellers: Mrs. Deepa K Shah and Mr. Kumar V Shah (current promoters of Mitshi India Limited)
Agreement Details:
- Date of Agreement: July 23, 2026
- Instrument: Share Purchase Agreement (SPA)
Transaction Terms:
- Shares Transferred: 13,70,070 (Thirteen Lakh Seventy Thousand Seventy) Equity Shares
- Stake Percentage: 15.57% of the total Equity and Voting Share Capital
- Purchase Price: ₹15.00 per Equity Share
- Total Consideration: ₹2,05,51,050/- (Rupees Two Crore Five Lakh Fifty One Thousand Fifty)
Open Offer Obligation
Open Offer Details:
- Offer Size: 22,38,000 (Twenty Two Lakh Thirty Eight Thousand) fully paid-up equity shares
- Percentage: 26% of total Equity and Voting Share Capital on fully diluted basis
- Offer Price: ₹15/- (Rupees Fifteen) per Equity Share
- Basis: Calculation as of the tenth working day from closure of tendering period
Conditions and Approvals
The transaction is subject to:
- Satisfaction of conditions precedent specified in the Share Purchase Agreement
- Receipt of statutory approvals, if any
- Conditions may be waived off in accordance with the SPA
Impact on Management and Control
Upon consummation of the transaction and successful completion of the Open Offer:
- The Acquirer (Mr. Karronn Naresh Bajaj) will obtain control and management of the company
- The Acquirer will be entitled to appoint representatives on the Board of Directors after expiry of the offer period, subject to compliance with statutory laws and SEBI (SAST) Regulations
Promoter Status Change
Upon sale of entire shareholding, the Promoter Seller and other members of the Promoter Group will:
- Cease to be classified as promoters and promoter group of the company
- Be reclassified into public category as per Regulation 31A(10) of SEBI (LODR) Regulations, 2015