Frontier Warehousing Limited's open offer to acquire a significant stake in Kesoram Industries concluded with minimal participation from public shareholders, according to the post-offer advertisement submitted to BSE Limited on March 20, 2026. Mark Corporate Advisors Private Limited, acting as Manager to the Offer, filed the mandatory documentation following completion of the open offer process.

Open Offer Performance Summary

The open offer, which ran from February 26, 2026, to March 12, 2026, aimed to acquire up to 8,07,72,600 fully paid-up equity shares at ₹5.48 per share. However, the actual response fell significantly short of expectations:

Regulatory Compliance and Documentation

Mark Corporate Advisors Private Limited fulfilled its regulatory obligations by publishing the post-offer advertisement in multiple newspapers as required under SEBI (SAST) Regulations, 2011. The advertisement appeared in:

• Business Standard (English and Hindi - All Editions)
• Navshakti (Marathi - Mumbai Edition)
• Ei Samay (Bengali - Kolkata Edition)

The company completed payment of consideration and communicated acceptance details to shareholders by March 18, 2026, adhering to the prescribed timeline.

Shareholding Structure Impact

Despite the limited response to the open offer, Frontier Warehousing Limited's overall acquisition strategy involved multiple components. The acquirer simultaneously executed a Share Purchase Agreement for 13,29,69,279 shares, representing 42.80% of the voting share capital.

Public Shareholding Position

Following the completion of the open offer, the public shareholding structure remained largely unchanged due to the minimal participation. Public shareholders continue to hold 17,76,09,859 shares, representing 57.17% of the voting share capital, compared to the pre-offer holding of 56.66%.

The post-offer advertisement confirms that all regulatory requirements under SEBI (SAST) Regulations, 2011, have been satisfied, with copies made available on the websites of SEBI, BSE Limited, National Stock Exchange of India Limited, The Calcutta Stock Exchange Limited, and Luxembourg Stock Exchange.

Kesoram industries has announced a special window facility for shareholders to lodge fresh or re-lodge share transfer requests, following regulatory guidelines issued by the Securities and Exchange Board of India. The company published newspaper advertisements on March 19, 2026, in Business Standard and Ek Din to inform stakeholders about this important facility.

Special Window Details

The special window facility has been established pursuant to SEBI Circular No. HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026 dated January 30, 2026. This facility provides eligible shareholders with an opportunity to complete pending share transfer processes under specific conditions.

Eligibility and Process

The special window is exclusively available for transfer requests where share transfer deeds were executed prior to April 1, 2019, irrespective of whether they were lodged before April 1, 2019. Eligible shareholders must possess the original security certificate to avail this facility.

Shareholders can submit their transfer requests along with the original security certificate and other requisite documents to the company's Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited (Unit: Kesoram Industries Limited), located at 383 Lake Garden, 1st Floor, Kolkata-700045. The contact numbers provided are 033-40724051-52.

Exclusions and Restrictions

Certain cases will not be considered under this special window facility:

• Cases involving disputes between transferor and transferee
• Securities that have been transferred to Investor Education and Protection Fund (IEPF)

Transfer Conditions

Shares processed under this special window will be subject to specific conditions. The securities will be mandatorily credited to the transferee only in demat mode and will remain under lock-in for a period of one year from the date of registration of transfer. During this lock-in period, these securities cannot be transferred, lien-marked, or pledged.

Corporate Communication

The announcement was signed by Snehaa Shaw, Company Secretary and Compliance Officer, and has been communicated to major stock exchanges including BSE Ltd., National Stock Exchange of India Ltd., and The Calcutta Stock Exchange Ltd. The information is also available on the company's website at www.kesocorp.com .