Ashish Begwani has initiated a mandatory open offer to acquire up to 26% of the paid-up equity share capital of kkalpana plastick at a price of Rs 28 per share. The offer, aggregating to Rs 4.02 crore, follows a Share Purchase Agreement where Begwani agreed to acquire a 72.58% stake from existing promoters, triggering a change in control. The tendering period for the offer is scheduled from August 28, 2026, to September 10, 2026.

The open offer is being made pursuant to Regulations 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The acquirer has entered into an agreement with Mrs. Sarla Surana and Bbigplas Poly Private Limited to purchase 40,12,335 equity shares, representing 72.58% of the company, at a negotiated price of Rs 28 per share. This transaction necessitates the mandatory open offer to public shareholders.

Upon completion of the acquisition and the open offer, assuming full acceptance, Ashish Begwani will hold 54,49,755 equity shares, representing 98.58% of the total paid-up equity share capital. Consequently, he will become the new and sole promoter of the company. The outgoing promoters have provided intent letters to reclassify themselves from the promoter category to the public category.

The offer price of Rs 28 per share is justified based on the highest negotiated price under the Share Purchase Agreement dated July 07, 2026. An independent registered valuer certified the fair value of the equity shares at Rs 12.71 per share. The acquirer has deposited Rs 1.01 crore in an escrow account with ICICI Bank Limited, representing more than 25% of the consideration required for the open offer.

VC Corporate Advisors Private Limited is acting as the Manager to the Offer, while MUFG Intime India Private Limited is the Registrar to the Offer. BSE Limited has been designated as the stock exchange for the tendering process. The offer is not conditional upon any minimum level of acceptance.

Key Offer Details

Schedule of Activities

Kkalpana Plastick Limited shareholders have voted against the ordinary resolution for a material related party transaction with Bbigplas Poly Private Limited. The proposal, which sought approval to lease office space for a monthly license fee of ₹10,000, failed to pass with the requisite majority during the postal ballot process concluding on July 07, 2026. The rejection signifies a lack of shareholder support for the agreement, which was intended to renew a lease for office premises in Kolkata.

The resolution sought approval to lease 528 sq. ft. of office space at Maruti Building, Kolkata, for an initial term of 11 months from August 20, 2026, with provisions for renewal for two additional terms of 11 months each. The counterparty, Bbigplas Poly Private Limited, is identified as a promoter and a related party of the company. The transaction was proposed to be conducted at arm's length and in the ordinary course of business.

The voting process was conducted via remote e-voting facilitated by National Securities Depository Limited (NSDL). The e-voting period commenced on June 08, 2026, and concluded on July 07, 2026. Scrutinizer Ashok Kumar Daga, a Practicing Company Secretary, submitted the report confirming the outcome based on the register for voting provided by NSDL. The record date for determining shareholder eligibility was May 29, 2026.

A total of 34 members participated in the voting process, casting 25,798 votes. The results showed a strong dissent from the participating shareholders, with 98.90% of the total votes cast opposing the resolution. Public non-institutional shareholders were the primary participants, with 25,515 votes cast against the proposal compared to 283 votes in favour.

The detailed voting results indicate that while the resolution received some support, it was overwhelmingly rejected by the public non-institutional shareholders. Promoters and public institutions did not participate in the voting process. Consequently, the ordinary resolution contained in the notice dated May 04, 2026, was not passed by the requisite majority.