Asgard Alcobev Limited has formally announced the resignation of its Chief Financial Officer, Santosh Baburao Ugale, effective March 14, 2026. The company communicated this development to BSE Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Executive Departure Details

The resignation was officially documented through multiple communications, including a formal intimation to the stock exchange and Ugale's personal resignation letter to the Board of Directors. In his resignation letter, Ugale cited personal reasons for his departure and expressed gratitude for the trust and support extended during his tenure.

Professional Background and Contributions

According to the company's regulatory filing, Ugale played a significant role in leading the company's financial strategy and ensuring compliance with regulatory standards. His contributions reportedly strengthened financial controls and operational efficiency, driving overall growth and stability during his tenure. The filing confirms that Ugale is not related to any Director of the Company and is not debarred from holding office by any SEBI order or other regulatory authority.

Transition Arrangements

In his resignation letter, Ugale committed to ensuring a smooth transition by assisting in the handover of responsibilities and supporting the finance team until his departure. The company has stated that all necessary intimations related to this leadership change will be submitted to regulatory authorities in due course.

Company Information

Asgard Alcobev Limited, formerly known as Banganga Paper Industries Limited, operates under CIN L11010MH1984PLC033082. The company maintains its corporate office at Ferndale Complex, CMJ House, Block III, Keating Road, Shillong, Meghalaya, while its registered office is located in Nashik, Maharashtra. The resignation was processed and communicated by Company Secretary Jitendra Rajendra Patil.

Navigant Corporate Advisors Limited has issued a corrigendum to the public announcement, detailed public statement, and draft letter of offer for the open offer of Asgard Alcobev Limited (formerly banganga paper industries ). The revision, dated March 10, 2026, modifies key terms of the acquisition proposal originally announced in December 2025.

Revised Offer Terms

The corrigendum introduces significant changes to the open offer structure:

The acquirers—Ronak Jain, Sarita Jain, Priyanka Jain, and K K Impex & Trading Private Limited—along with persons acting in concert Karan Jain, Karishma Rohit Jain, and Radhika Karan Jain, have enhanced their escrow deposit to comply with SEBI regulations.

Post-Acquisition Shareholding Structure

Upon completion of the open offer and assuming full acceptance, the combined shareholding of acquirers and persons acting in concert will undergo substantial change:

This calculation assumes completion of both the share purchase agreement and preferential issue components of the transaction.

Regulatory Compliance and Background

The open offer is being conducted pursuant to Regulation 3(1) and Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The corrigendum addresses modifications to the original public announcement dated December 17, 2025, detailed public statement dated December 20, 2025, and draft letter of offer dated December 30, 2025.

The target company's shareholders approved the issue of 6,00,00,000 equity shares to public category investors at an extraordinary general meeting held on January 14, 2026. However, the board of directors has allotted 3,90,10,000 equity shares and 16,70,000 equity shares at meetings held on February 17, 2026, and February 18, 2026, respectively.

Documentation and Availability

The corrigendum has been published in multiple newspapers including Business Standard (English and Hindi editions), Pratahkal (Marathi, Mumbai edition), and Prahaar (Marathi, Nashik edition). Complete documentation is available on the websites of SEBI, BSE Limited, Navigant Corporate Advisors Limited, and Asgard Alcobev Limited.

Navigant Corporate Advisors Limited, registered with SEBI under registration number INM000012243, serves as the manager to the offer. The company is headquartered in Mumbai with registered office at 804, Meadows, Sahar Plaza Complex, Andheri East.