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.

Asgard Alcobev Limited has successfully obtained approval from BSE Limited for its corporate name change from banganga paper industries Limited. The approval was communicated through an official letter dated April 10, 2026, marking a significant milestone in the company's corporate transformation.

Regulatory Compliance and Documentation

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary Jitendra Rajendra Patil formally communicated the approval to BSE Limited's Listing Department, ensuring proper regulatory compliance and transparency.

Trading System Implementation

BSE Limited has issued Notice No. 20260410-23 informing trading members about the corporate name change. The exchange will implement the new identity in its BOLT Plus trading system from April 17, 2026. The company will retain its existing scrip code 512025, ensuring continuity for investors and trading members.

Corporate Structure Details

Asgard Alcobev Limited operates with its corporate office located at Ferndale Complex, CMJ House, Block III, Keating Road, Shillong, Meghalaya, while maintaining its registered office in Nashik, Maharashtra. The company's CIN remains L11010MH1984PLC033082, reflecting its original incorporation in 1984.

Market Impact and Implementation

The name change represents the company's strategic repositioning in the alcoholic beverages sector. Trading members and investors have been notified through official BSE channels to ensure smooth transition during the implementation period. The approval demonstrates the company's commitment to regulatory compliance and transparent corporate governance practices.