Nishil Sanjaykumar Shah and Mahan Industries promoter Niranjankumar Navratanmal Jain have initiated a mandatory open offer to acquire up to 20,02,000 equity shares, representing 26% of the expanded voting equity share capital, at ₹12 per share. The transaction, triggered by a preferential allotment and a share purchase agreement, aggregates to a maximum consideration of ₹2,40,24,000. Upon completion, the acquirers will assume control of the company and be classified as promoters, aiming to strengthen their presence in the financial services sector through strategic synergies.

The offer is pursuant to Regulation 3(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The underlying transactions include a board-approved preferential allotment of 32,00,000 equity shares and 2,16,55,216 fully convertible warrants, alongside the acquisition of 52,169 equity shares from existing promoter Yogendrakumar Gupta. The total consideration for the equity shares in the preferential allotment is ₹3,84,00,000, while the warrants involve an aggregate consideration of ₹25,98,62,592.

Offer Structure and Timeline

The tendering period for the open offer is scheduled to commence on September 8, 2026, and conclude on September 22, 2026. The identified date for determining eligible public shareholders is August 24, 2026. The acquirers have deposited ₹60,50,000 into an escrow account with Kotak Mahindra Bank, representing 25.18% of the total offer consideration, in compliance with SEBI regulations. Aftertrade Broking Private Limited serves as the manager to the offer.

Valuation and Financials

The offer price of ₹12 per share was determined based on a valuation report dated July 16, 2026, as the shares are infrequently traded. For the financial year ended March 31, 2026, Mahan Industries reported a total income of ₹625.03 lakh and a net profit of ₹4.61 lakh. The company’s net worth stood at ₹520.70 lakh as of the same date. The equity shares are listed on the BSE under code 531515 and are currently under Stage-4 of the Graded Surveillance Measure.

Post-Offer Shareholding

Prior to the transactions, the promoters held 1.16% of the paid-up equity share capital. Assuming full acceptance of the open offer, the acquirers will hold 68.24% of the expanded voting equity share capital. The acquirers have confirmed they have no plans to delist the company or dispose of significant assets for two years post-offer. The completion of the offer is subject to RBI and BSE approvals.

Mahan Industries Limited has postponed its board meeting to July 16, 2026, to consider proposals for raising funds. The meeting, originally scheduled for July 14, 2026, was delayed due to unavoidable circumstances. The board will evaluate raising capital through the issue of equity shares, convertible equity warrants, or other permissible methods to augment the company's financial resources.

The rescheduled meeting will be held on Thursday, July 16, 2026. The agenda includes the approval of fund-raising proposals subject to regulatory and statutory approvals, including potential shareholder approval. Any other business with the permission of the Chair may also be considered.

Key Meeting Information

Pursuant to an intimation dated June 30, 2026, the trading window for dealing in the company's securities remains closed for all insiders. This includes Designated Persons, their immediate relatives, and connected persons under the company's Code of Conduct.

The communication was signed by Shah Nishil Sanjaykumar, Executive Director of the company. Shareholders and market participants can await further disclosures following the conclusion of the board meeting for specific details regarding the fund-raising mechanism.