A group of five acquirers has revised the schedule for an open offer to acquire 26% of the expanded equity and voting share capital of Midland Polymers Limited at a price of ₹10 per fully paid-up equity share. The offer, managed by Navigant Corporate Advisors Limited, is now scheduled to open on June 3, 2026, and close on June 16, 2026. The revision follows the receipt of final observations from the Securities and Exchange Board of India (SEBI) on May 15, 2026, regarding the Draft Letter of Offer.

The open offer targets the acquisition of up to 97,50,000 equity shares of ₹10 each. The acquirers include Gayathri Boreddy, Jagannath Edla, Radha Krishna Avudari, Mahammad Amaan Shaik, and Ravi Kiran Veeramalla. The offer price of ₹10 per share matches the price paid by the acquirers during a preferential allotment. The Committee of Independent Directors (IDC) has evaluated the proposal and recommended that shareholders accept the offer, citing the fair value relative to the company's financial position.

The recommendation is based on a valuation report dated March 27, 2026, from Karan Chetan Shah, a Registered Valuer. The report certified the fair value of the equity share as NIL. The IDC determined that the offer price is reasonable considering the negative book value and negative profitability of the company. The committee members, comprising Chairperson Mounika Pammi and members Sreeram Athota and Shivashankar Reddy Gopavarapu, confirmed they hold no equity shares in the company and have no other relationships with the acquirers.

Offer Details

Revised Schedule of Activities

The IDC emphasized that while the offer is deemed fair and reasonable, shareholders should independently evaluate the proposal and make an informed decision. The offer is being conducted in accordance with Regulation 3(1) and Regulation 4 of the SEBI (SAST) Regulations, 2011.

Midland Polymers Limited has announced that its board of directors will meet on Friday, May 29, 2026, to consider the audited financial results for the quarter and year ended March 31, 2026. The meeting is scheduled to take place at the company's registered office in Hyderabad.

Agenda for the Meeting

The primary agenda for the upcoming board meeting includes the consideration of the audited financial results along with the Auditor's Report for the specified period. The board will also discuss any other business with the permission of the Chair.

Trading Window Closure

In compliance with Regulation 9 of the SEBI (Prohibition of Insider Trading) Regulations, 2015, the company has informed the exchanges that the trading window for dealing in its securities is currently closed. This restriction, effective from April 1, 2026, applies to all connected persons, officers, designated employees, insiders, directors, and their immediate relatives. The window will remain closed until 48 hours after the declaration of the audited financial results.

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