Navigant Corporate Advisors Limited has submitted the Letter of Offer to SEBI for Asgard Alcobev Limited (formerly Banganga Paper Industries Limited), confirming the open offer schedule for April 6-20, 2026. The submission follows the revised timeline announced in the earlier corrigendum, which extended key dates by approximately two months due to SEBI review delays.

Open Offer Details

The open offer involves the acquisition of up to 9,17,41,759 equity shares of Re. 1/- each at a price of Rs. 1.45 per fully paid-up equity share, representing 26.00% of the expanded equity and voting share capital. The acquirers include Ronak Jain, Sarita Jain, Priyanka Jain, and K K Impex & Trading Private Limited, along with persons acting in concert Karan Jain, Karishma Rohit Jain, and Radhika Karan Jain.

Confirmed Timeline Schedule

The Letter of Offer confirms the revised schedule of activities with the offer period running from April 6 to April 20, 2026:

Regulatory Compliance and Structure

The submission includes comprehensive documentation in compliance with SEBI (SAST) Regulations, 2011. The acquirers have established adequate financial arrangements with Rs. 13,80,000 deposited in an escrow account and bank guarantees aggregating Rs. 1,334.43 lacs provided by Kotak Mahindra Bank Limited.

The offer is being conducted through BSE Limited's acquisition window mechanism, with Allwin Securities Limited appointed as the buying broker. Adroit Corporate Services Private Limited serves as the registrar to the offer, handling the settlement and processing of tendered shares.

Target Company Transformation

Asgard Alcobev Limited, incorporated under CIN L11010MH1984PLC033082, has undergone significant transformation including name changes and business diversification into alcoholic and non-alcoholic beverage manufacturing. The company's registered office is located at Sr. No. 186, Gavalwadi Road, Ashewadi, Ramshej, Nashik, Maharashtra.

Post completion of the offer, assuming full acceptance, the acquirers and PACs will hold 29,93,71,439 equity shares constituting 84.84% of the expanded equity and voting share capital, establishing control over the target company.

Asgard Alcobev Limited has announced strategic leadership appointments following its board meeting conducted on March 19, 2026. The company, formerly known as banganga paper industries, made key decisions to strengthen its management structure through the appointment of three new directors as part of its ongoing transformation in the alcoholic beverages sector.

Key Board Appointments

The board meeting, held at the company's registered office from 4:00 PM to 5:00 PM, resulted in several significant appointments under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:

Leadership Profiles and Strategic Vision

Mr. Ronak Jain brings substantial industry expertise to his role as Managing Director. With over 15 years of experience in manufacturing, packaging, and distribution within the liquor and beer industry, he holds a Master's degree in International Business from Monash University. Currently serving as Director & CEO of CMJ Breweries Private Limited, his expertise spans corporate strategy, business expansion, operational efficiency, and financial management. Commenting on his appointment, Mr. Jain stated his immediate focus is on executing a forward-looking strategy that leverages strengths in operations, people, and finance to revitalize the company and create long-term value for shareholders, partners, and customers.

Ms. Priyanka Jain joins as Additional Director with more than 10 years of experience in human resource management and organizational development. She holds a B.Sc. degree from the University of Calcutta and specializes in talent management, culture initiatives, and aligning HR strategy with business objectives to build high-performing teams.

Mr. Binit Singhania assumes the dual role of Finance Director and Chief Financial Officer. As a Chartered Accountant with over 15 years of experience, he qualified as an ICAI member in November 2010. His expertise encompasses accounting, taxation, audit, financial management, compliance, fund management, project finance, and regulatory compliance.

Corporate Governance and Strategic Transformation

The appointments were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. All three appointees have disclosed no relationships with existing directors and confirmed no debarment under SEBI regulations.

These appointments underscore Asgard Alcobev's ongoing strategic realignment from its legacy paper manufacturing business to the alcoholic beverages sector. The company has recently acquired a majority stake in CMJ Breweries in Northeast India, and the revitalized leadership team will capitalize on emerging opportunities to steer the company toward sustainable growth.

Company Background and Future Outlook

Asgard Alcobev Limited operates under CIN L11010MH1984PLC033082 with its registered office located at Sr. No. 186, Gavalwadi Road, Ashewadi, Ramshej, Nashik, Maharashtra, and corporate office at Ferndale Complex, CMJ House, Block III, Keating Road, Shillong, Meghalaya. The company has undergone a transformation from its previous identity as Banganga Paper Industries Limited, reflecting its evolution as an emerging player in India's alcoholic beverages industry with a strong Northeast India presence through its subsidiary CMJ Breweries.