Saffron Capital Advisors Private Limited, acting as the Manager to the Open Offer, issued a Post-Offer Advertisement pursuant to Regulation 18(12) of the SEBI (SAST) Regulations, 2011. The advertisement was published on June 24, 2026, in Financial Express (English, all editions), Jansatta (Hindi, all editions), Janadesh (Gujarati, Surat Edition), and Mumbai Lakshadeep (Marathi, Mumbai Edition).

Offer Details

  • Target Company: Shantai Industries Limited (CIN: L46411GJ1988PLC013255*)
  • Acquirers:

1. Radhe Dhokla Private Limited (Acquirer 1)

2. Pandav Dishant Kanubhai (Acquirer 2)

3. Nikunj Vijaybhai Prajapati (Acquirer 3)

4. Pandav Jinesh Kanaiyalal (Acquirer 4)

5. Pandav Pradipkumar Vijaybhai (Acquirer 5)

  • Manager to the Offer: Saffron Capital Advisors Private Limited
  • Registrar to the Offer: Purva Sharegistry (India) Private Limited
  • Offer Opening Date: Tuesday, May 26, 2026
  • Offer Closing Date: Tuesday, June 09, 2026
  • Date of Payment of Consideration: Wednesday, June 17, 2026*

*No shares were tendered in the offer; therefore, no payment was made.

Offer Terms and Outcome

  • Offer Price: ₹ 21 per equity share
  • Offer Size: 19,20,000 Equity Shares (25.60% of voting capital), aggregating ₹ 4,03,20,000
  • Shares Tendered: 0
  • Shares Accepted: 0
  • Size of Offer (Value): ₹ 0

Acquisition Details and Shareholding

  • Acquirers' Shareholding Pre-Offer: NIL (0.00%)
  • Equity Shares Proposed to be Acquired (Triggering Transaction): 55,80,000 shares (74.40%)

*This acquisition is pursuant to a Share Purchase Agreement that is yet to be consummated. The acquirers will consummate this transaction in accordance with Regulations 22(1) and 22(3) read with Regulation 17 of the SEBI (SAST) Regulations, 2011, and shall become the promoter of the Target Company. The sellers shall relinquish control and be declassified from the promoter category per Regulation 31A of the SEBI (LODR) Regulations, 2015.

  • Equity Shares Acquired Post-DPS: Nil (0.00%)
  • Equity Shares Acquired via Open Offer: 0 (0.00%)
  • Post-Offer Shareholding of Acquirers (with PAC): 55,80,000 shares (74.40%)
  • Public Shareholding Pre-Offer: 19,20,000 shares (25.60%)
  • Public Shareholding Post-Offer: 19,20,000 shares (25.60%)

Regulatory Context and Notes

  • The offer size was restricted to 19,20,000 shares (25.60%) instead of the mandated minimum of 26% because only that number of shares was held by public shareholders.
  • The percentages are calculated based on the voting share capital of the Target Company.
  • The acquirers and the directors of Acquirer 1 accept full responsibility for the information in the advertisement and for obligations under the SEBI (SAST) Regulations, 2011.
  • A copy of the Post-Offer Advertisement is available on the websites of SEBI (www.sebi.gov.in), BSE (www.bseindia.com), the Manager (www.saffronadvisor.com), and the registered office of the Target Company.

Company Information Note

Shantai Industries Limited was originally incorporated on April 09, 1985, but its CIN currently reflects 1988. The company filed a Change Request Form (CRF) with the Registrar of Companies to rectify this discrepancy, but the application was rejected vide intimation dated February 25, 2026.