Offer Details
- Acquirers: Mr. Pravin Kumar Shishodiya (Acquirer 1) and Mr. Punit Shishodiya (Acquirer 2)
- Offer Type: Mandatory open offer triggered under Regulation 3(1) and Regulation 4 of SEBI (SAST) Regulations, 2011
- Offer Size: Up to 37,70,000 equity shares representing 26.00% of equity share capital
- Offer Price: ₹17.10 per equity share
- Total Maximum Consideration: ₹6,44,67,000 (assuming full acceptance)
Background Transaction
- Triggering Event: Share Purchase Agreement dated July 28, 2026 between Acquirers and Sellers
- Shares Acquired: 65,91,796 equity shares representing 45.46% of equity share capital
- Purchase Price: ₹9 per share
- Total SPA Consideration: ₹5,93,26,164
- Sellers: Mohanlal Ramgopal Jatia, Sanjay Mohanlal Jatia, Mohanlal S Jatia HUF, J M Trading Corporation, Ramgopal and Sons, Kalpana Trading Corporation, Seven Rivers Investments Private Limited, and Ramgopal Synthetics Limited
Target Company Information
- Incorporation Date: March 28, 1981
- Listed On: BSE (active trading), CSE (trading suspended)
- Authorized Capital: ₹15,00,00,000 divided into 1,50,00,000 equity shares of ₹10 each
- Paid-up Capital: 1,45,00,000 equity shares (1,42,67,500 fully paid-up + 2,32,500 partly paid-up)
Financial Information (Audited)
| Year Ended | Total Revenue (₹ Lacs) | Net Income/Loss (₹ Lacs) | EPS (₹) | Net Worth (₹ Lacs) |
| Mar 31, 2024 | 903.26 | (166.64) | (1.15) | 1,149.10 |
| Mar 31, 2025 | 246.00 | (18.52) | (0.13) | 1,119.85 |
| Mar 31, 2026 | 153.35 | (99.11) | (0.68) | 1,047.72 |
Acquirer Profiles
Mr. Pravin Kumar Shishodiya (Acquirer 1)
- Age: 66 years, PAN: APEPS8156A
- Qualifications: Fellow Member of ICAI, Bachelor's Degree in Commerce
- Experience: Corporate finance, financial planning, manufacturing, financial services, sugar sectors
- Net Worth (June 30, 2026): ₹22,73,54,884
- Current Holding in RPL: Nil
Mr. Punit Shishodiya (Acquirer 2)
- Age: 32 years, PAN: DYVPS7019M
- Qualifications: B.Sc (IT), M.Sc (International Management), M.Sc (Business Administration)
- Experience: Business management, technology, strategic planning, financial services, sugar, technology, waste management
- Net Worth (June 30, 2026): ₹16,91,16,558
- Current Holding in RPL: Nil
Offer Price Justification
Offer price of ₹17.10 determined as highest of:
- Highest negotiated price under SPA: ₹9.00
- Volume-weighted average market price (60 trading days preceding PA): ₹16.73
- Equity shares are frequently traded with annualized trading turnover of 11.11% on BSE
Financial Arrangements
- Escrow Amount: ₹1,62,00,000 deposited with Kotak Mahindra Bank (more than 25% of maximum consideration)
- Escrow Account: 'Escrow Account – CPCPL RPL – Open Offer'
- Additional Funding: Through internal resources of Acquirers if required
- Financial Certification: CA S.N. Gadiya certified Acquirers have sufficient resources
Post-Offer Shareholding
- Current Acquirer Holding: 0% (as of PA date)
- Proposed Holding after SPA and Open Offer: 71.46% (1,03,61,796 shares)
- Public Shareholding: Will remain above mandatory 25% requirement
Statutory Approvals
- No statutory approvals required as of DPS date
- Offer subject to any approvals that may become applicable later
- Non-resident shareholders must obtain requisite approvals to tender shares
Tentative Schedule
- Filing of draft offer with SEBI: August 10, 2026
- Identified Date: September 03, 2026
- Letter of Offer dispatch: September 10, 2026
- Offer Opening Date: September 18, 2026 (Friday)
- Offer Closing Date: October 01, 2026 (Thursday)
- Payment Date: By October 16, 2026
- Report to SEBI: October 26, 2026
Procedural Details
- Designated Stock Exchange: BSE
- Buying Broker: Nikunj Stock Brokers Limited (SEBI Reg No: INZ000169335)
- Registrar to Offer: Ankit Consultancy Private Limited
- Tendering Mechanism: Through stock exchange acquisition window
- Physical Share Acceptance: Allowed as per SEBI circular
Manager to Offer
Corporate Professionals Capital Private Limited (CIN: U74899DL2000PTC104508)
#Tags: #RamgopalPolytex #OpenOffer #SEBISAST #Takeover #RegulatoryCompliance #Neutral