Mr. Ashwani Gulati, Ms. Kiran Gulati and M/s Veerasha Trust have initiated a mandatory open offer to acquire up to 2,60,00,000 equity shares, representing 26.00% of the paid-up equity share capital of Jai Mata Glass Limited , at a price of INR 1.85 per share. The offer, which is not conditional upon a minimum level of acceptance, is triggered by the acquirers' agreement to purchase a 44.57% stake from existing promoters, thereby assuming control of the target company.

The open offer follows a Share Purchase Agreement (SPA) executed on July 13, 2026, between the acquirers and the sellers—Ms. Anu Marwah, Mr. Inesh Marwah and M/s J P Overseas Private Limited. Under this agreement, the acquirers are purchasing 4,45,65,460 equity shares at INR 1.85 per share, aggregating to INR 8,24,46,101. This transaction necessitated the public announcement in compliance with Regulation 3(1) and Regulation 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The acquirers have stated they have adequate resources and firm financial arrangements to meet the acquisition costs. Corporate Professionals Capital Private Limited is acting as the Manager to the Offer. The Detailed Public Statement is scheduled to be published on or before July 20, 2026.

Offer and Transaction Details

The open offer is for 26.00% of the paid-up equity share capital, with the total consideration payable by the acquirers estimated at INR 4,81,00,000 assuming full acceptance. The payment will be made in cash. The underlying transaction involves the acquisition of 44.57% of the company's equity shares, which alters the control structure.

Acquirer and Seller Information

The acquirer group consists of three entities: Mr. Ashwani Gulati, Ms. Kiran Gulati and M/s Veerasha Trust. Prior to this transaction, none of the acquirers held any shares in the company. Post-transaction, their combined shareholding from the direct acquisition will be 44.57%. Mr. Ashwani Gulati serves as the Managing Trustee of M/s Veerasha Trust, while Ms. Kiran Gulati is the Co-Trustee.

The selling shareholders are all members of the promoter and promoter group. Ms. Anu Marwah is selling 2,49,22,960 shares (24.92%), Mr. Inesh Marwah is selling 73,600 shares (0.07%), and M/s J P Overseas Private Limited is selling 1,95,68,900 shares (19.57%). Following the sale, their shareholding in the target company will reduce to nil.

Jai Mata Glass Limited has appointed Mr. Aashish Gupta as its Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective June 1, 2026. The appointment fills the vacancy arising from the resignation of Mr. Rajesh Arya, the former CFO of the company. This leadership change aims to strengthen the company's financial oversight and operational efficiency.

The Board of Directors approved the appointment during a meeting held on June 1, 2026, based on the recommendations of the Audit Committee and the Nomination and Remuneration Committee. The decision aligns with Section 203 of the Companies Act, 2013, and Regulation 30 of the SEBI (Listing and Disclosure Requirements) Regulations, 2015.

Mr. Gupta brings over seven years of experience in financial management, accounting operations, taxation, and compliance. His expertise includes financial analysis, budgeting, cash flow management, and the preparation of financial statements. The company noted his strong analytical skills and extensive experience in monitoring financial performance and ensuring regulatory compliance.

The board meeting commenced at 3:30 p.m. and concluded at 4:00 p.m. IST. The company confirmed that Mr. Gupta is not related to any director or key managerial personnel. Additionally, he has not been debarred from holding the position of CFO or KMP by any SEBI order or other authority.

Key Appointment Details