Acquirers offer ₹21 per share for Shantai Industries
Acquirers Radhe Dhokla Private Limited and others have launched a mandatory open offer for Shantai Industries Limited to acquire 19,20,000 shares at ₹21 per share, totaling ₹4.03 crore. The offer, compliant with SEBI (SAST) Regulations, follows the acquisition of a 74.40% stake from existing promoters. The tendering period runs from May 26, 2026, to June 9, 2026.
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A group of acquirers comprising Radhe Dhokla Private Limited and four individuals has announced a mandatory open offer to acquire up to 19,20,000 equity shares of shantai industries . The offer is priced at ₹21 per share, aggregating to a total consideration of ₹4,03,20,000. This open offer is being made pursuant to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following the execution of a Share Purchase Agreement for the substantial acquisition of shares and control over the target company.
Offer Details
The acquirers have agreed to acquire 55,80,000 equity shares, representing 74.40% of the voting share capital, from the existing promoters at a price of ₹11.50 per share. Consequently, this triggers the mandatory open offer to the public shareholders. The offer size of 19,20,000 shares represents 25.60% of the voting share capital of the target company. The offer is not conditional upon any minimum level of acceptance and is not a competing offer.
Key Dates and Schedule
The tendering period for the open offer is scheduled to commence on Tuesday, May 26, 2026, and conclude on Tuesday, June 09, 2026. The identified date for determining eligible public shareholders is May 12, 2026. Saffron Capital Advisors Private Limited has been appointed as the manager to the offer, while Purva Sharegistry (India) Private Limited will act as the registrar.
Financial Arrangements
The acquirers have deposited ₹1,01,05,000 in an escrow account with ICICI Bank Limited, which is more than 25% of the total offer consideration. The offer price of ₹21 per share was determined based on the highest negotiated price under the Share Purchase Agreement and the volume-weighted average market price on the BSE for the 60 trading days preceding the public announcement.
| Parameter | Details |
|---|---|
| Offer Price | ₹21 per equity share |
| Total Offer Size | 19,20,000 equity shares |
| Total Consideration | ₹4,03,20,000 |
| Offer Opening Date | May 26, 2026 |
| Offer Closing Date | June 09, 2026 |
| Escrow Amount | ₹1,01,05,000 |
About the Target Company
Shantai Industries Limited is engaged in the manufacturing and trading of yarn and the export of textile fabrics. The company's equity shares are listed on BSE Limited under the scrip code 512297. As per the letter of offer, the shares of the company are trading under Enhanced Surveillance Measure (ESM) Stage 2.
How might Radhe Dhokla Private Limited's strategic plans for Shantai Industries impact the company's yarn manufacturing and textile export operations post-acquisition?
Will the Enhanced Surveillance Measure (ESM) Stage 2 designation on Shantai Industries' shares be lifted following the change in promoter control, and what conditions would need to be met?
Given the significant premium of ₹21 per share in the open offer versus the ₹11.50 promoter acquisition price, how might public shareholders respond to the tendering opportunity?
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