Mitshi India open offer to acquire 26% stake at ₹15 per share
Mr. Karronn Naresh Bajaj announced an open offer to acquire up to 26% of Mitshi India Limited at ₹15 per share, totaling ₹3,43,20,000. The offer follows an agreement to purchase 15.57% from existing promoters for ₹2,05,51,050. Srujan Alpha Capital Advisors LLP is managing the offer.
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Mr. Karronn Naresh Bajaj has announced an open offer to acquire up to 26% of the total voting share capital of Mitshi India Limited at a price of ₹15 per fully paid-up equity share. The offer, which is not conditional upon a minimum level of acceptance, aims to purchase up to 22,88,000 equity shares from public shareholders for a total aggregate consideration of ₹3,43,20,000. This mandatory offer is triggered by a Share Purchase Agreement (SPA) dated July 23, 2026, between the acquirer and the selling shareholders.
Underlying Transaction
The open offer obligation arises from the acquirer's agreement to purchase 13,70,070 equity shares, representing 15.57% of the total voting share capital, from promoters Mr. Kumar V Shah and Mrs. Deepa Kumar Shah. The transaction involves a total consideration of ₹2,05,51,050, paid in cash. Upon completion of this underlying transaction, the sellers will relinquish control and management of the company and will be declassified from the promoter category in accordance with SEBI (LODR) Regulations.
Offer Details
The open offer is being made in compliance with Regulation 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011. The equity shares of the target company are infrequently traded, and the offer price has been determined in accordance with Regulation 8 of the SEBI (SAST) Regulations. Srujan Alpha Capital Advisors LLP has been appointed as the Manager to the Open Offer.
| Parameter | Details |
|---|---|
| Acquirer | Mr. Karronn Naresh Bajaj |
| Target Company | Mitshi India Limited |
| Offer Size | 22,88,000 Equity Shares (26.00%) |
| Offer Price | ₹15 per Equity Share |
| Total Consideration | ₹3,43,20,000 |
| Mode of Payment | Cash |
| Type of Offer | Mandatory Offer |
Transaction Structure
The table below outlines the shareholding changes resulting from the transaction:
| Shareholder | Pre-Transaction Shares | Pre-Transaction % | Post-Transaction Shares | Post-Transaction % |
|---|---|---|---|---|
| Kumar V Shah | 8,27,360 | 9.40% | NIL | NIL |
| Deepa Kumar Shah | 5,42,710 | 6.17% | NIL | NIL |
| Mr. Karronn Naresh Bajaj | NIL | - | 13,70,070 | 15.57% |
Upon completion of the open offer, assuming full acceptance, the acquirer may hold more than 25% of the voting share capital in the company. The acquirer has confirmed there is no intention to delist the equity shares of Mitshi India Limited pursuant to this offer. A Detailed Public Statement will be published on or before July 30, 2026.
Historical Stock Returns for Mitshi
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.62% | -0.48% | +4.01% | +21.93% | -2.42% | -12.06% |
What strategic changes does Mr. Bajaj plan to implement at Mitshi India Limited following the acquisition of promoter status?
How will the exit of the existing promoters impact the company's operational continuity and existing management structure?
Given the acquirer's confirmation not to delist, what is the long-term vision for Mitshi India's growth and shareholder value?
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