Offer Details

  • Offer Type: Mandatory open offer under Regulations 3(1) and 4 of SEBI (SAST) Regulations, 2011
  • Acquirers: Radhe Dhokla Private Limited, Pandav Dishant Kanubhai, Nikunj Vijaybhai Prajapati, Pandav Jinesh Kanaiyalal, Pandav Pradipkumar Vijaybhai
  • Target Company: Shantai Industries Limited
  • Number of Shares: Up to 19,20,000 fully paid-up equity shares
  • Face Value: ₹2 per share
  • Offer Price: ₹21 per equity share
  • Total Consideration: ₹4,03,20,000 (Four Crore Three Lakh Twenty Thousand)
  • Stake Percentage: 25.60% of voting share capital (restricted to public shareholding)

Key Dates and Timeline

  • Public Announcement Date: February 13, 2026
  • Detailed Public Statement Publication: February 23, 2026
  • Draft Letter of Offer Submission to SEBI: March 2, 2026
  • SEBI Final Observations Received: May 8, 2026 (Reference: HO/49/12/11(23)2026-CFD-RAC-DCR2 I/11163/2026)
  • Identified Date: May 12, 2026 (for determining eligible shareholders)
  • Letter of Offer Dispatch: May 19, 2026
  • Independent Directors Committee Recommendation: May 21, 2026 (published May 22, 2026)
  • Offer Opening Public Announcement Publication: May 25, 2026
  • Tendering Period: May 26, 2026 to June 9, 2026
  • Settlement Completion Date: June 23, 2026
  • Post-Offer Announcement Publication: July 1, 2026

Independent Directors Committee Recommendation

The Committee of Independent Directors of Shantai Industries Limited unanimously recommended on May 21, 2026 that:

  • The offer is in line with SEBI (SAST) Regulations, 2011
  • The offer is fair and reasonable
  • The offer price is in line with parameters prescribed by SEBI

Offer Characteristics

  • Not a competing offer under Regulation 20
  • Not conditional upon minimum level of acceptance under Regulation 19(1)
  • No statutory approvals required as of the date of announcement

Market Price Context

The offer price of ₹21 per share represents a significant discount to the current market price of ₹102.01 per share as of the date of the Letter of Offer.

Shareholder Participation Procedures

For Dematerialized Shareholders:

  • Must tender shares through their selling brokers before market close on last day of tendering period
  • Brokers will mark lien on tendered shares and place orders through BSE Acquisition Window

For Physical Shareholders:

  • Must provide complete documentation including original share certificates, Form SH-4, duly filled Form of Acceptance
  • Selling broker will place bid through BSE Acquisition Window and provide Transaction Registration Slip
  • Physical documents must be delivered to Registrar within 2 days of offer closing (by 5:00 PM IST on June 11, 2026)

Document Availability

  • Letter of Offer available on SEBI website (www.sebi.gov.in), BSE website (www.bseindia.com), and Registrar's website (support@purvashare.com)
  • Non-receipt of Form of Acceptance does not preclude participation

Key Updates in Final Letter of Offer

1. Deletion of "Draft" terminology throughout document

2. Updated table of contents and page numbers

3. Revised schedule of activities with current dates

4. Added risk factor highlighting significant discount to market price

5. Inserted background points regarding MPS (Minimum Public Shareholding) compliance requirements

6. Updated acquirer details including shareholding pattern of Radhe Dhokla Private Limited (100% promoter-held)

7. Certified contingent liabilities of Acquirer 1 as Nil as of March 31, 2026

8. Confirmed no relationship between acquirers and target company/promoters/public shareholders

9. Confirmed acquirers not declared wilful defaulters or prohibited from dealing in securities

10. Updated target company background information

11. Updated taxation note

Registrar and Manager Details

Manager to the Offer: Saffron Capital Advisors Private Limited

Address: 605, Sixth Floor, Centre Point, Andheri Kurla Road, J.B. Nagar, Andheri (East), Mumbai - 400059

Contact: Pooja Jain (Senior Manager and Compliance Officer), Shivam Sharma (Assistant Manager)

SEBI Registration: INM000011211

Registrar to the Offer: Purva Sharegistry (India) Private Limited

Address: Unit No. 9, Ground Floor, Shiv Shakti Industrial Estate, J.R. Boricha Marg, Lower Parel East, Mumbai - 400011

SEBI Registration: INR000001112

Contact: Ms. Deepali Gaonkar

Publication Details

The Offer Opening Public Announcement was published in the following newspapers on May 25, 2026:

  • Financial Express (English - All Editions)
  • Jansatta (Hindi - All Editions)
  • Janadesh (Gujarati - Surat Edition, where registered office is situated)
  • Mumbai Lakshadeep (Marathi - Mumbai Edition, where shares are listed)