The open offer to acquire shares of Midland Polymers Limited concluded with the acquirers accepting only 1,765 equity shares at a price of Rs. 10 per share. Gayathri Boreddy, Jagannath Edla, Radha Krishna Avudari, Mahammad Amaan Shaik, and Ravi Kiran Veeramalla had initially sought to acquire up to 97,50,000 equity shares, representing 26.00% of the expanded equity and voting share capital. The offer, managed by Navigant Corporate Advisors Limited, opened on June 3, 2026, and closed on June 16, 2026.

The actual consideration for the accepted shares amounted to Rs. 17,650. Following the conclusion of the offer, the acquirers hold 2,59,33,005 equity shares, constituting 69.15% of the fully diluted equity share capital. The public shareholding post-offer stands at 1,15,66,995 shares, representing 30.85% of the expanded capital.

Acquisition Details

The table below compares the proposed offer details with the actual outcome of the acquisition process.

Regulatory and Capital Status

The Detailed Public Statement for the offer was published on April 7, 2026, in leading dailies including Financial Express, Jansatta, Pratahkal, and Mega Jyothi. The acquirers' shareholding prior to the preferential issue and public announcement was nil. The preferential allotment of 2,59,31,240 shares, approved by the board on March 27, 2026, and by members on April 25, 2026, has not yet been allotted. This delay is due to pending in-principle approval from BSE Limited, and consequently, these shares were neither tendered nor accepted in the open offer.

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.