Ashish Begwani has initiated a mandatory open offer to acquire up to 14,37,420 equity shares, representing 26.00% of the paid-up capital of Kkalpana Plastick Limited , at a price of ₹28 per share. The offer, valued at ₹4,02,47,760, follows a Share Purchase Agreement (SPA) dated July 07, 2026, through which Begwani is acquiring 72.58% of the company from outgoing promoters Mrs. Sarla Surana and Bbigplas Poly Private Limited. This acquisition triggers the open offer obligation under Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.

The acquirer has agreed to purchase 40,12,335 equity shares from the sellers at a negotiated price of ₹28 per share, aggregating to ₹11,23,45,380. Pursuant to this transaction, Begwani will assume control of the target company and become the new promoter. The open offer is being made to public shareholders as on the Identified Date of August 13, 2026. VC Corporate Advisors Private Limited has been appointed as the Manager to the Offer.

Financials and Valuation

The target company has reported total revenue of ₹48.44 lakh and a net income of ₹5.99 lakh for the financial year ended March 31, 2026. The company has not generated revenue from operations for several years and currently earns income primarily from interest on loans extended to related parties. The equity shares of Kkalpana Plastick Limited are infrequently traded on the BSE, while trading on the Calcutta Stock Exchange (CSE) has been non-operational for many years.

The offer price of ₹28 per share is justified under Regulation 8(2) of the SEBI (SAST) Regulations. While the negotiated price under the SPA is ₹28, an independent registered valuer certified the fair value of the equity shares at ₹12.71 per share.

Offer Structure and Timeline

The acquirer has deposited ₹1,01,00,000 in an escrow account with ICICI Bank Limited, representing more than 25% of the offer consideration. The offer is not conditional upon a minimum level of acceptance. Assuming full acceptance of the open offer, Begwani's post-offer shareholding will increase to 98.58% on a diluted basis.

The tendering period for the open offer is scheduled to commence on August 28, 2026, and close on September 10, 2026. BSE has been designated as the stock exchange for the tendering process, and Nikunj Stock Brokers Limited has been appointed as the buying broker. Payment for accepted shares will be made within ten working days of the expiry of the tendering period.

Acquirer Ashish Begwani has initiated an open offer to acquire up to 14,37,420 fully paid-up equity shares, representing 26.00% of the total paid-up equity and voting share capital of Kkalpana Plastick Limited . The offer price is fixed at ₹28 per share, amounting to a total consideration of ₹4,02,47,760. This open offer is a triggered offer under Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following a substantial acquisition of shares by the acquirer.

The trigger event is a Share Purchase Agreement (SPA) dated July 07, 2026, between Mr. Ashish Begwani and the selling shareholders, Mrs. Sarla Surana and Bbigplas Poly Private Limited. Under this agreement, the acquirer is purchasing 40,12,335 equity shares, constituting 72.58% of the total paid-up equity and voting share capital of the target company. The negotiated price for this underlying transaction is ₹28 per share, payable in cash, aggregating to ₹11.23 crore.

Pursuant to the consummation of the underlying transaction, the acquirer will acquire control over Kkalpana Plastick Limited and will be constituted as the sole promoter. The selling shareholders, who currently form the promoter group, will cease to hold any equity shares and will relinquish control and management of the company. The acquirer has stated that he has adequate financial resources to meet the offer obligations.

The details of the open offer will be published in a newspaper via a Detailed Public Statement on or before Tuesday, July 14, 2026, in accordance with Regulation 14(3) of the SEBI SAST Regulations. The offer is not conditional upon any minimum level of acceptance and is not a competitive bid. VC Corporate Advisors Private Limited has been appointed as the Manager to the Offer.

Transaction Details

Shareholding Pattern