Mr. Ghanshyam Hansrajani has launched an open offer to acquire up to 12,57,048 equity shares of Mayur Leather Products , representing a 26% stake in the company. The acquisition targets public shareholders and is priced at ₹27.92 per share.

The mandatory bid follows a share purchase agreement executed on September 15, 2026, wherein the acquirer agreed to buy a 26.50% stake from existing promoters for ₹15.00 per share. This underlying transaction triggers control transfer obligations under SEBI (SAST) Regulations.

Offer Structure and Pricing

The total consideration for the open offer stands at ₹3.51 crore, assuming full acceptance of the 12,57,048 shares. The offer price of ₹27.92 was determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations, reflecting the volume-weighted average market price of frequently traded shares over the preceding 60 trading days.

Payment will be made entirely in cash. The offer is unconditional regarding minimum acceptance levels, as per Regulation 19(1) of the takeover code. Bonanza Portfolio Limited has been appointed as the manager to the offer.

Underlying Transaction Details

The open offer is triggered by the acquisition of 12,81,257 equity shares (26.50% stake) from five promoter group entities. The total value of this block deal is ₹1.92 crore. Upon completion, the selling promoters will relinquish control and be declassified from the promoter category.

Promoter Group Changes

Two other members of the existing promoter group, Mr. Rajendra Kumar Poddar and Ms. Amita Poddar, have already exited their holdings through open market transactions in March 2026. Their stakes have reduced to nil, leading to their reclassification from the promoter group to the public category.

Mr. Umesh Hansrajani, son of the acquirer, holds a 24.14% stake as a public shareholder. While deemed a person acting in concert due to familial ties, he is not considered acting in concert for the specific purposes of this open offer under Regulation 2(1)(q)(1).

What the Numbers Show

A significant pricing divergence exists between the block deal and the public offer. The acquirer secured the controlling promoter stake at ₹15.00 per share, while public shareholders are being offered ₹27.92 per share. This premium reflects the regulatory requirement to price the open offer based on historical market trading averages rather than the negotiated private transaction value.

Mayur Leather Products has confirmed that its 41st Annual General Meeting (AGM) will be held on Tuesday, September 22, 2026. The company issued a fresh notice to the BSE, superseding previous intimations regarding the event's schedule.

The meeting is scheduled for 2:00 pm at Fusion Restro, located at C-28, Pankaj Singhvi Marg, Main Vidhan Sabha Road, Lalkothi, Jaipur. Shareholders can participate in remote e-voting via the Central Depository Services (India) Limited (CDSL) platform.

Key Agenda Items

The AGM will transact several ordinary and special business items, including:

• Receiving and adopting the audited standalone and consolidated financial statements for FY26.
• Re-appointing Mr. Rajendra Kumar Poddar and Mr. Manish Bihani as directors liable to retire by rotation.
• Appointing M/s YG & Associates as Statutory Auditors for a five-year term, filling the casual vacancy left by M/s Jain Paras Bilala & Co., who resigned effective August 13, 2026.
• Appointing Mr. Mahesh Bhatter as a Non-Executive Independent Director for a five-year term commencing October 1, 2026.

E-Voting Details

Shareholders holding shares as on the cut-off date of Tuesday, September 22, 2026, are eligible to vote. The remote e-voting process is as follows:

The annual report containing the AGM notice is available on the company’s website. Monu Toshniwal, Company Secretary, signed the disclosure on September 7, 2026.