Asgard Alcobev Limited (formerly known as Banganga Paper Industries Limited) has intimated BSE Limited of the receipt of reclassification requests from three members of its Promoter & Promoter Group, seeking to move to the Public shareholder category. The intimation, filed in compliance with Regulation 31A(8)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is dated May 5, 2026.

Promoters Seeking Reclassification

The company received requests via email on May 5, 2026, from the following three promoters. All three individuals hold nil equity shares in the company as of the date of their respective letters, as detailed below:

Grounds for Reclassification

Each of the three promoters has individually confirmed, in their respective request letters addressed to the Board of Directors, that they are not directly or indirectly associated with the business of the company and do not exercise any influence over its business and policy decisions. They have further stated that they are not involved in the day-to-day activities of the company and do not exercise control over its affairs.

In their reclassification requests, each promoter has certified the following conditions:

• Do not, together, hold more than 10% of the total voting rights in the company
• Do not exercise control over the affairs of the company, directly or indirectly
• Do not have any special rights with respect to the company through formal or informal arrangements, including through any shareholder agreements
• Are not represented on the Board of Directors of the company, including through a nominee director
• Are not acting as a key managerial person in the company
• Are not classified as "willful defaulters" as per Reserve Bank of India guidelines
• Are not fugitive economic offenders
• There is no pending regulatory action against them

Regulatory Compliance Commitments

Each promoter has also committed to continue complying with the conditions mentioned at sub-clauses (i), (ii), and (iii) of clause (b) of Regulation 31A(3) of the SEBI LODR Regulations at all times from the date of reclassification. Additionally, they have committed to comply with the conditions mentioned at sub-clauses (iv) and (v) of clause (b) of Regulation 31A(3) for a period of not less than three years from the date of reclassification. Non-compliance with these conditions would result in reclassification back to the Promoter or Promoter Group category.

Approval Process

The reclassification requests are subject to analysis by the Board of Directors of the company. Final approval is contingent upon the consent of BSE Limited, along with all other approvals, confirmations, and consents as specified under the provisions of Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was signed by Ronak Jain, Managing Director (DIN: 00534143), on behalf of Asgard Alcobev Limited.

Navigant Corporate Advisors Limited submitted the Post Offer Advertisement to BSE Limited on April 27, 2026, regarding the open offer for Asgard Alcobev Limited (formerly known as Banganga Paper Industries Limited). The offer was made by Ronak Jain, Sarita Jain, Priyanka Jain, and K K Impex & Trading Private Limited along with Persons Acting in Concert (PACs) Karan Jain, Karishma Rohit Jain, and Radhika Karan Jain, in compliance with Regulation 18(12) of SEBI SAST Regulations, 2011.

The open offer sought to acquire 9,17,41,759 equity shares of face value Re. 1 each, representing 26% of the expanded equity and voting share capital at a price of Rs. 1.45 per fully paid-up equity share. The offer opened on April 6, 2026, and closed on April 20, 2026, with payment of consideration scheduled for April 24, 2026. The Post Offer Advertisement was published on April 27, 2026, in Business Standard (English and Hindi editions), Pratakh (Marathi Daily, Mumbai edition), and Prahaar (Marathi Daily, Nashik Edition).

Offer Details and Outcome

The actual outcome of the open offer differed from the proposed figures. While the offer document proposed acquiring 9,17,41,759 shares, the actual number of shares tendered and accepted was 11,38,932. The offer size was Rs. 1,330.26 Lacs as proposed, but the actual consideration paid amounted to Rs. 16.51 Lacs.

Shareholding Pattern

The acquirers and PACs had no shareholding prior to the preferential issue and Public Announcement. Through preferential allotment, they acquired 20,76,29,680 shares, representing 62.25% of the actual fully diluted equity share capital. Through the open offer, they acquired an additional 11,38,932 shares, representing 0.34% of the actual fully diluted equity share capital.

Post-offer, the acquirers and PACs hold 20,87,68,612 shares, representing 62.59% of the actual expanded equity and voting share capital. Public shareholders hold 12,47,64,305 shares, representing 37.41% of the actual expanded equity and voting share capital. The acquirers have become the promoters of the target company, while the existing promoter and promoter group have ceased to be promoters and are now classified as public category shareholders.